REC Systems sells 6 MW solar plant to Chorus Group firms

By Editor


REC Systems sells 6 MW solar plant to Chorus Group firms

Greentech Lead America: REC Systems, a unit of Renewable
Energy Corporation (REC), has sold a 6 MW solar power plant that it developed,
financed, and constructed in Bitterfeld, Germany to two investment companies in
the Chorus Group.

Originally developed by Grune Energien, REC Systems took
control of the project in September 2011 — when it was less than 50 percent
developed — and provided project development, financing, and streamlined

REC completed construction of the plant in December 2011,
ensuring the plant’s eligibility for the higher 2011 feed-in tariff.

The ground-mounted system in Bitterfeld consists of
27,096 high performance REC modules installed on an area of 13 hectares, with
an annual capacity of approximately 6,101 MWh and 3,435 tons of CO2 emissions
saved each year.

The project was sold to two investment companies in the
Chorus Group, with project financing from Deutsche Kreditbank.

“We are extremely happy to acquire yet another
state-of-the-art solar power plant from REC Systems. REC Systems’ management of
the development and building of this project ensures the reliability of this
solar power plant for the years to come,” said Thomas Laumont, managing
director, Chorus Cleantech Management.

“Chorus is a knowledgeable and experienced investor
in solar energy plants, valuing REC’s efficient modules and high-quality
solutions. We are delighted to be their partner once again,” said Terje
Pilskog, senior vice president, Systems and Business Development, REC.

In 2011, Chorus acquired several systems built in Italy
by REC Systems using REC modules.

REC produces polysilicon, wafers, cells and modules for
the solar industry, and silicon materials for the electronic industry. REC also
engages in project development in selected PV segments. REC employs around
3,500 people globally with revenues of more than NOK 13 billion in 2011.

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