REC Solar

The origins of REC trace back to 1996 with the establishment of Fornybar Energi AS in Norway. In September 2000, the company was formed through the merger of Fornybar Energi AS with ScanWafer AS and SolEnergy AS. The resulting group focused on producing multicrystalline solar wafers and cells, quickly establishing itself as a significant player in Europe. REC Wafer, at the time, became the world’s largest producer of multicrystalline wafers, with factories in Glomfjord and Herøya, Norway.

By 2002, REC ScanCell had started production of multicrystalline solar cells in Narvik, supplying the sister company REC ScanModule in Sweden. These early operations laid the foundation for REC’s integrated approach to photovoltaic production.

Following its initial public offering in 2006, REC experienced rapid growth and high market valuation. In 2007, the company decided to build a large-scale, integrated solar manufacturing complex in Singapore, which would eventually become one of the world’s largest fully integrated facilities for wafer, cell, and module production. The Singapore site allowed REC to produce solar products at volumes and costs competitive with traditional energy sources in high-sunlight regions, without relying on government incentives.

Between 2008 and 2009, REC expanded further with new wafer factories at Herøya and a silicon manufacturing facility in Bécancour, Quebec, Canada, supported by a 20-year power contract with Hydro-Québec.

REC’s Tuas facility in Singapore is a fully integrated manufacturing site combining wafer, cell, and module production. Operational since 2010, the plant spans over 320,000 m² and has grown to produce nearly 1.8 GW of solar modules per year. It has historically produced around 190,000 modules per month and serves as a major export hub for Europe, North America, and Asia. The factory incorporates advanced automation, sustainability measures, and heterojunction cell technology, supporting REC’s vertically integrated approach to solar manufacturing.

REC faced significant challenges during the global financial crisis of 2008–2009, including falling silicon prices, high investment costs, and delays in opening new facilities. Market conditions led to a decline in share price and forced the company to scale back some operations.

In 2011 and 2012, REC permanently closed its oldest multicrystalline wafer plants in Norway, including Herøya, Glomfjord, and Narvik, due to weak market conditions and negative cash flow projections. The company restructured its operations, eventually splitting its solar module and wafer business. In 2013, REC Solar was established as an independently listed company focused on solar modules, while REC Silicon continued polysilicon production in the United States.

REC produces multicrystalline solar cells and modules, and historically has been a major supplier of polysilicon and wafers for the solar industry. Its facilities in Singapore represent a fully automated, integrated production line, covering wafers, cells, and modules. The company has also entered into significant long-term supply agreements with other solar manufacturers, including Suniva and China Sunergy.

REC continues to invest in research and development. In 2023, it launched the REC@NUS Corporate R&D Laboratory for Next Generation Photovoltaics in collaboration with the National University of Singapore, focusing on advanced solar technologies.