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November 25, 2015 3:36 AM ET

Semiconductors and Semiconductor Equipment

Company Overview of REC Solar ASA

Company Overview

REC Solar ASA, together with its subsidiaries, produces solar wafers, cells, and modules in Singapore. The company sells its products to system integrators, installers, and distributors in Germany, the United Kingdom, the United States, Australia, and Japan. It is also engaged in project development activities; and development of solar power systems. The company was founded in 1996 and is headquartered in Oslo, Norway. As of May 13, 2015, REC Solar ASA operates as a subsidiary of Bluestar Elkem Investment Co. Ltd.

Karenslyst allé 51


Oslo,  0279


Founded in 1996

1,811 Employees

Key Executives for REC Solar ASA

Chief Executive Officer
Age: 55
Chief Financial Officer
Age: 49
Senior Vice President of Sales & Marketing of Europe, Middle East, Africa and South America
Age: 52
Senior Vice President of Operations and Technology
Age: 49
Senior Vice President of Sales and Marketing - North America
Age: 46
Compensation as of Fiscal Year 2015.

REC Solar ASA Key Developments

REC Viridis Eyeing DEWA

REC Solar ASA and Viridis Asset Management, LLC have jointly submitted an expression of interest for Dubai Electricity And Water Authority (DEWA). They intend to submit a competitive bid for a part of the remaining 800 megawatts (MW) at the Mohammed Bin Rashid Al Maktoum Solar Park. Luc Grare, Senior Vice President at REC, said, “Dubai benefits from high irradiation levels, making solar quite competitive. However, the best profitability analysis is useless if the solar panels are not performing as they should for at least 25 years due to the region's harsh climate conditions. With REC's high-quality products, long-term experience and German engineering expertise, REC has the know-how to implement efficient, long-running and reliable solar installations that can withstand the heat and sandstorms that exist in Dubai. We are pleased to contribute our demonstrated expertise on a competitive level backed by sustainable financial stability.”

REC Solar ASA and O Capital Sign Agreement to Provide Solar Solutions in Egypt, Africa and Middle East

REC Solar ASA and O Capital for Services and Contracting have signed a new strategic venture to provide turnkey solar power solutions in Egypt, Africa and the Middle East. This new cooperation combines REC's high performing solar panels and expertise in solar power turn-key solutions with O Capital's access to the promising local and regional solar markets and its excellent position in Egypt's infrastructure projects. The two companies plan to co-develop a sales-focused and goto-market approach where O Capital will manage tender processes for solar installations in the residential, commercial and utility segments and provide the relevant local expertise and resources for the turn-key installations, while REC will add its strong engineering expertise. The latest cooperation is part of REC's wider go-to-market strategy in the region, in which REC is introducing programs and structures - such as local sales offices and cooperations - that drive its business success around the world. The new alliance will enhance REC's growing reputation and position in the region. REC is assisting O Capital with its own vast knowledge on best-practice in EPC and O&M through on-the-job training and workshops to help get new solar projects in the region up and running effectively and reliably. In addition to REC's long track record in the region, recent installation projects include one of the world's large solar test facilities in Dubai and the first privately financed large commercial rooftop installation in Dubai's free zone. Furthermore, REC's solar panels have been installed on the rooftop of a terminal at Dubai International Airport.

REC Solar ASA, Special/Extraordinary Shareholders Meeting, Aug 27, 2015

REC Solar ASA, Special/Extraordinary Shareholders Meeting, Aug 27, 2015., at 12:00 Central European Standard Time. Location: Advokatfirmaet Schjødt AS. Agenda: To consider opening of the meeting by the chairman of the board and registration of attending shareholders; to consider election of chairman of the meeting and at least one person to co-sign the minutes with the chairman; to consider approval of the notice of the meeting and the agenda; and to consider and shall approve the audited liquidation settlement, following which the company will be deleted from the Norwegian Register of Business Enterprises and be finally liquidated.

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