Renewable Energy Corp. Advances Most in Two Weeks: Oslo Mover
Renewable Energy Corp. ASA, the Norwegian maker of polysilicon, rose the most in more than two weeks in Oslo after executives of two of China’s top five solar product makers said they expect installations to double in 2012.
Renewable Energy, or REC, rose as much as 8.2 percent, the most since Jan. 12 and was today’s largest gainer in the OBX index. (OBX) The Sandvika-based company’s shares rose 7.3 percent to 4.51 kroner at 12:31 p.m. in Oslo. The 37-member Bloomberg Global Leaders Solar Index rose 0.3 percent. REC shares gained 36 percent this year, after falling 81 percent in 2011.
“U.S. listed peers of REC moved up pretty sharply on Friday, and this was on news from China that China was going to be a pretty large market in 2012,” Tomas Skeivys, a Vilnius- based analyst with Terra Markets AS said over the phone today. “REC is reacting to that today.”
Suntech Power Holdings Co. Chief Executive Officer Zhengrong Shi estimated last week that China may add 4 gigawatts or more of panels, while Trina Solar Ltd. CEO Jifan Gao expects 5 gigawatts. China added 2.2 gigawatts in 2011. The cost of solar panels fell 47 percent last year as Chinese manufacturers led by Suntech boosted output, winning market share from Western rivals such as Q-Cells SE.
News website Hegnar online reported today that a number of well-known Norwegian investors bought shares in REC last week, citing a list of the largest owners in the company. Jan Haudemann-Andersen’s Datum AS now controls 5 million shares, while Tore A. Voldberg bought shares through two companies.
“REC tends to be a very sensitive and volatile share over the past months,” said Skeivys, who has a “hold” on the stock.
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