Norwegian firm picks Singapore for solar manufacturing complex
Norway’s Renewable Energy Corp (REC) said Friday it is investing $4.24 billion in building what is expected to be the world’s largest fully integrated solar manufacturing complex in Singapore.
The project was announced at a tele-conference between Oslo and the city-state. Renewable Energy Corp and the Economic Development Board (EDB) signed an agreement outlining both the terms and conditions related to the development of a new production site, the process of establishing a manufacturing complex, as well as operational and commercial conditions.
The Norwegian company “plans to incorporate wafer, cell and module production facilities and has the potential to reach 1.5 gigawatts in production capacity, roughly three-quarters of the total global output in 2006,” REC told a briefing. Singapore was selected after nine months of consideration and assessments of more than 200 sites. The factory will be located at Tuas View, west of downtown. “This is the world’s largest investment in a single integrated solar manufacturing project announced to date,” said EDB Managing Director Ko Kheng Hwa.
In addition to manufacturing, REC will also conduct research and development, process innovation and factory automation development activities in the city-state. REC’s decision is a “giant leap forward” in Singapore’s nascent solar industry, said Ko. The industry expects the price of solar energy to drop to the level of conventional energy in many markets in the decade starting 2010. Fast growth “will also be fuelled by the increasing pressure on the international stage, from politicians to corporations to individuals to commit to reducing global warming and harnessing energy from renewable sources,” Ko added.
The project will be organized in several phases. Pre-Engineering activities for the first phase are to be completed during the H1 of 2008. “Singapore had articulated an exciting vision and plan to develop the solar industry as a key growth area for its economy,” said Erik Thorsen, REC’s CEO. (m&c.com)
ADVERTISEMENT
MBH Bank Closes Acquisition of Duna Takarék Bank
V4 Agri Officials: WTO Case Over Grain Bans 'Unfortunate'
AutoWallis Green Investment Project Value Reaches HUF 3 bln
Budapest Muni Council Clears Rác Baths Renovation
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
