Our last post on REC was on their November announcement that they would build the world's largest solar manufacturing plant, in Singapore. HERE
Norwegian solar energy group Renewable Energy Corporation ASA (REC) (REC.OL: Quote) revealed cost overruns and delays in polysilicon production, pushing its 2008 targets out of reach and rattling confidence in its management.
REC shares sank as much as 22.6 percent and at 1111 GMT were down 15.1 percent at 119.5 crowns, valuing one of the world's biggest makers of solar power equipment at around $10.6 billion.
REC said on Wednesday costs at its U.S polysilicon factory in Moses Lake, Washington, would rise by 20 percent to $800 million and the plant start-up would be delayed by two months to late 2008.
As a result of its Moses Lake woes it will miss its 2008 production target of 8,000 metric tonnes of polysilicon and now expected an output of some 7,000 tonnes...MORE