$4 BILLION FROM NORWAY TO SINGAPORE FOR SUN

Norwegian solar energy firm to invest 4.31 billion dollars in Singapore
October 27, 2007 (AFP via MediaCorp Press)

WHO
Renewable Energy Corporation (REC) (Erik Thorsen, president/ceo), Economic Development Board (EDB) of Singapore (Ko Kheng Hwa, managing director)

WHAT
REC will build a plant for the manufacture of solar wafers, cells and modules.

REC is one of the important forces in world solar energy. From Norway, where they appreciate the sun. (click to enlarge)

WHEN
- Project announced October 26, 2007.
- Pre-engineering completion by end of June 2008.

WHERE
Singapore was chosen for the plant’s site after REC had considered 200 possibilities.

WHY
- The plant will cost 3.0 billion euros (~$4.3 billion). It will provide 3000 jobs. -- Its 1.5 gigawatt planned production capacity represents 75% of the 2 gigawatt world capacity.

Singapore -- A city that sees the future of solar energy.

QUOTES
- REC: "Depending on the final capacity and site development, total investments in the Singapore site may exceed 3.0 billion euro within the next five years and the total number of employees could be around 3,000 people…"
- Thorsen: "The development of this site will enable us to continue expanding in a cost-efficient manner and will support REC's ambitious cost target…"
- Ko: "When fully developed, the complex could produce up to 1.5 GW of such products a year. For comparison, the total output worldwide last year was about 2.0 GW…"