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Norwegian REC expects black figures in 2013 – report

(SeeNews) - Sep 7, 2012 - Ole Enger, CEO of Norwegian Renewable Energy Corporation ASA (OSL:REC), or REC, expects a recovery in the solar sector and forecast black figures for his company in 2013.

This and part of next year will be marked by excessive capacity and pricing pressure but the demand is growing, he told German paper Financial Times Deutschland in an interview published today.

REC booked in 2011 a net loss of about NOK 10 billion (USD 1.74bn/EUR 1.35bn). The company has completely discontinued its production in Europe and focused on its factories in USA and Singapore.

Enger said that REC is well positioned to compete even with Chinese prices. It completed its refinancing talks with banks and investors and will survive the hard times, the CEO said.

Enger is confident that the market will grow and does not exclude a capacity expansion at its company.

(NOK 1.0 = USD 0.174/EUR 0.136)

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