REC to manufacture green energy here

Renewable Energy Corporation (REC) has decided to situate its solar manufacturing complex in Singapore, envisioned to be the world's largest. 

The project is estimated to stand at a potential S$6.3 billion, and is expected to ring up 1.5 GW in output yearly, a staggering figure when compared to 2006's total global output of 2 GW. 

In addition to wafer, cell and module production, the facility will also conduct R&D, process innovation and factory automation development activities here.

According to the EDB, the solar industry expects the prices to drop to the level of conventional energy in many markets from 2010, making solar energy a viable, "green" and cost effective alternative.

"The development of this site will enable us to continue expanding in a cost efficient manner and will support REC's ambitious cost target," said Erik Thorsen, president and CEO of REC. 

"Our future cost position will determine our ability to deliver solar products that can compete with traditional energy sources in the sunny areas of the world without government incentives," he added.

The Economic Development Board (EDB) has expressed interest in developing the solar industry in Singapore to tap on its global potential, according to Ko Kheng Hwa, director of the EDB in his speech.