REC signs NOK 1.1 billion wafer sales contract

Under the agreement, REC will deliver wafers worth approximately NOK 1.1 billion (around USD$188 million; €140 million) from the beginning of this year to the end of 2013.

??The agreement is structured as a three year take-or-pay contract and wafers will reportedly be delivered based on the prevailing market prices. REC said total prepayment and other security related to the contract represent approximately 10 percent of the estimated contract value.