Solar energy lights the path for growth

Solar energy lights the path for growth

29 March 2016
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REC Solar decided in 2008 to build it mayor wafer, cell and module production plant in Singapre, and later it moved its global headquarters to SIngapore. In 2015 REC produced 4.5 million solar panels here. REC's chief executive officer, Steve O'Neil gives a fascinating interview to The Business Times discussing the future of solar and REC. Its main products are multi-crystalline solar photovoltaic modules but it also is involved in the engineering, procurement and construction of components of the solar business. The company's main products serve all segments of the market, from residential to industrial and utilities. About half of its products are shipped to the United States, while the other half is exported to countries in the Asia-Pacific, Europe and the Middle East and Africa. The solar energy manufacturer is now eyeing far bigger things and has laid out ambitious plans for global expansion. So far, it has remained firmly on track to continue its growth path, reporting solid positive numbers across its financial metrics. Since 2012, REC's production capacity has grown 66 per cent from 722 megawatts in 2012 to 1,200 megawatts last year. During this same period, REC recorded 11 consecutive quarters of strong profitable business performance, said Mr O'Neil. Revenue growth topped 11 per cent last year which was more than double the growth rate of about 5 per cent in 2014, he added. The company's investment here has benefited Singaporeans by providing them with good jobs. Some 96 per cent of its 2,000 global workforce are based here. Its stellar financial performance was recognised when it was given the Profit and Growth Excellence in Manufacturing under the Singapore 1000 awards. Read more in The Business Times on the future of REC. (Subscription based after few days)