REC to provide Asian firm with wafers

REC has signed a three-year multicrystalline wafer sales contract with an unnamed Asian cell producer. The take-or-pay agreement will see REC deliver US$188 million worth of wafers between 2011 and 2013, with prices based on prevailing market prices.

Total prepayment and other security related to the contract represent approximately 10 per cent of the estimated contract value.