Norway's REC choses Quebec site for silicon plant
OSLO, Aug 25 (Reuters) - Norwegian solar industry group Renewable Energy Corporation (REC) (REC.OL) plans to build its next silicon materials plant in Quebec in Canada with a goal of starting production in 2012, REC said on Monday.
A final investment decision will be made after preliminary engineering is completed, but REC's investment in the plant is assumed to be at least $1.2 billion, Chief Executive Erik Thorsen said.
"This is the assumption of our investment level as a minimum number," Thorsen told Reuters.
The Becancour, Quebec site will be developed in stages and could potentially hold four production units similar in size to a factory now being completed at Moses Lake, Washington, in the United States, REC said in a statement.
"The development of this site will enable us to continue expansion of our silicon business in the most cost efficient manner and will consequently support REC's further growth downstream as well as our ambitious long-term cost target," REC's Thorsen said in the statement.
As part of the arrangement with the government of Quebec, REC will get a 20-year power contract with Hydro Quebec at a competitive, REC said.
(Reporting by John Acher)
