RENEWABLE Energy Corporation's (REC) flagship $2.5 billion Singapore integrated plant is holding its own - the Norwegian group's latest Q1 results show - even as solar cell makers worldwide continue to bleed amid plunging solar prices and global overcapacity. "Singapore continues to perform well with respect to volumes, yield and cell efficiency," REC's Q1 report said, adding that "cost improvements in Singapore accelerated".
It said that the integrated Tuas plant - which produces wafers, cells and modules - managed to further slash production costs to 72 euro cents/watt last month, bringing the plant's average Q1 costs to 78 euro cents/watt for Q1.
The 9 per cent cost reduction - from 86 euro cents/watt in Q4 last year - was achieved despite a reduced production rate in Q1 due to the Chinese New Year holidays, it said.
The continued cost improvements at the fully-automated Tuas facility was what REC's president and CEO Ole Enger was counting on for the group's survival, when he earlier told BT that "Singapore costs are now considerably below one euro per watt", with more details disclosed at its Q1 results briefing.
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