Rec Solarcon Matt Daly 10 May10

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Rec Solarcon Matt Daly 10 May10

  1. 1. Renewable REC Energy Seeing is Believing Corporation GROUP SOLARCON Singapore Conference 2010 Silicon Sili Materials May 20, 2010 Matt Daly General Manager, REC Solar Asia Pacific Wafers Cells Modules Systems
  2. 2. Renewable REC Energy The big i t Th bi picture Corporation GROUP
  3. 3. Solarcon Singapore Conference The world needs more energy 2010 Supply of different energy sources Exajoule 2,500 Nuclear N l 2,000 Renewables 1,500 1,000 1 000 Natural Gas 500 Oil 0 Coal 1990 2000 2010 2020 2030 2040 2050 2060 2070 2080 2090 2100 Source: The Intergovernmental Panel on Climate Change (IPCC), SRES (Special Report on Emission Scenarios), Alt. 1 Definition: exajoule (EJ) is a unit of energy, 1018 joules, often used as unit of measure for world annual energy use 3 Business Confidential  Copyright Renewable Energy Corporation ASA. All Rights Reserved
  4. 4. Solarcon Singapore Conference Majority of the world’s population lives within the sunbelt 2010 Definition: The sunbelt is defined as equator +/- 30° kWh/m2/day 0.0 1.0 2.0 20 3.0 4.0 5.0 6.0 7.0 8.0 >8.5 8.5 Source: NASA Surface meteorology 4 Business Confidential  Copyright Renewable Energy Corporation ASA. All Rights Reserved
  5. 5. Solarcon Singapore Conference The sun supplies “virtually unlimited” energy 2010 Solar power Equivalent stock of energy source e Uranium Natural gas Oil Coal Annual energy demand E Fact: There is more energy delivered by the sun in one hour than what is consumed by the world’s population in one year 5 Business Confidential  Copyright Renewable Energy Corporation ASA. All Rights Reserved
  6. 6. Solarcon Singapore Conference The energy payback time is decreasing 2010  Payback time of around one year Energy payback time Number of years • Energy payback is the time it takes a 2.5 solar panel to generate the same amount of energy that was used to produce it d 2  For the remaining 24 years of its guaranteed lifetime, a solar panel will be ‘energy positive’ b ‘ iti ’ 1.5 1 0.5 0 Source: Alsema et al. (EU Crystal Clear project), 21st European PV Conference, Dresden, 2006 Mono 2005 Multi 2005 REC 2007 REC today 6 Business Confidential  Copyright Renewable Energy Corporation ASA. All Rights Reserved
  7. 7. Solarcon Singapore Conference The concept of grid parity 2010 Price GRID PARITY 2010 Time Source: BP Solar 7 Business Confidential  Copyright Renewable Energy Corporation ASA. All Rights Reserved
  8. 8. Solarcon Singapore Conference Solar energy is produced near the point of consumption 2010 DISTRIBUTION Power plant High voltage grid Transformer Low voltage grid Customer  The price of electricity includes generation cost as well as transmission cost  Solar energy can be produced near, or at the point of consumption  Price comparisons should therefore be determined at the point of consumption 8 Business Confidential  Copyright Renewable Energy Corporation ASA. All Rights Reserved
  9. 9. Solarcon Singapore Conference Exeptional growth in installed capacity 2010 Global cumulative PV power installed 16 000 14 000 12 000 10 000 MW 8 000 6 000 4 000 2 000 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Source: Global market outlook for photovoltaics until 2013, EPIA 9 Business Confidential  Copyright Renewable Energy Corporation ASA. All Rights Reserved
  10. 10. Solarcon Singapore Conference Production volumes drives cost reductions 2010 Historical module learning curve 100 1980 SD/Wp dule prices US 10 1990 2000 PV Mod 2006 1 0 1 10 100 1,000 10,000 100,000 Cumulative Module Production (MWp) 10 Business Confidential  Copyright Renewable Energy Corporation ASA. All Rights Reserved
  11. 11. Solarcon Singapore Conference PV demand forecast 2010 GW Demand 30.0 28,0 25.0 25 0 21,0 20.0 15,0 15 0 High Hi h 15.0 13,1 Low REC estimate 10.0 7,3 12.7 5.0 8.9 10.6 8.4 6.0 0.0 2009 2010 2011 2012 2013 9-10 GW 12-13 GW 16-18 GW 22-24 GW REC Estimate Source: Barclays Capital, Commerzbank, Deutche Bank, Marketbuzz, UBS 11 Business Confidential  Copyright Renewable Energy Corporation ASA. All Rights Reserved All estimates published January to March 2010
  12. 12. Solarcon Singapore Conference Investor returns remains relatively high 2010 Equity IRR* 2009 Percent 2010 2011 30 %  Significant increase in 25 % equity returns from 2009 to 2010 20 %  Even with announced cuts in tariffs, 2011 15 % equity returns are expected to be above 10 % historic levels hi t i l l 5% 0% California California Germany Germany Italy Italy France (Res) (Com) (Res) (PP) (Res) (PP) (BIPV) Source: REC estimates 12 Business Confidential  Copyright Renewable Energy Corporation ASA. All Rights Reserved
  13. 13. Renewable REC Energy About Ab t REC Corporation GROUP
  14. 14. Solarcon Singapore Conference REC – an integrated PV company 2010 REC Silicon REC Wafer REC Solar Cell Module Project Chemical process Casting & cutting Surface treatment Assembly development Presence across the solar value chain creates strategic opportunities Competitive positions improved through:  Transparent cost structure  Technology development & synergies  Applying best practices 14 Business Confidential  Copyright Renewable Energy Corporation ASA. All Rights Reserved
  15. 15. Solarcon Singapore Conference A history of growth 2010 NOK million Start production in Aquired 10,000 ASiMI ScanCell 9,156 9,000 8,191 8 191 8,000 Start Aquired 7,000 SiTech 6,426 production in ScanModule 6,000 5,000 5 000 Start 4,334 production in 4,000 ScanWafer Established 3,000 Solar Grade 2,454 Silicon 2,000 , 1,270 1 270 713 1,000 432 0 10 25 50 159 0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Capacity expansions 15 Business Confidential  Copyright Renewable Energy Corporation ASA. All Rights Reserved
  16. 16. Solarcon Singapore Conference REC Silicon 2010 Proprietary deposition technology –  REC Silicon produces silicon materials Fluidized Bed Reactor (FBR) for the electronics and the photovoltaic markets  REC Silicon is a large player in the global silicon materials industry – Largest silane gas producer – Third largest polysilicon producer – Largest producer of high purity float zone (FZ) polysilicon  Proprietary REC technology  Energy efficient – 10% of Siemens energy usage  Continuous production p  Lower cost  Granular polysilicon is easy to handle 16 Business Confidential  Copyright Renewable Energy Corporation ASA. All Rights Reserved
  17. 17. Solarcon Singapore Conference REC Silicon – Moses Lake 2010  Strong position in growing markets for Polysilicon and Silane  Proprietary FBR technology with lower energy consumption and better form factors  Strong growth in production from 8 000 MT in 2009 towards 17 000 MT in 2012  Experienced organization with 25 years of know-how y Photo: REC production plant Moses Lake 17 Business Confidential  Copyright Renewable Energy Corporation ASA. All Rights Reserved
  18. 18. Solarcon Singapore Conference REC Wafer 2010 Lowering our silicon consumption and  A leading producer of multicrystalline improving the solar efficiency of our wafers for the PV industry products  Aiming to strengthen the position in the monocrystalline wafer segment  Industrialized mass production according to lean manufacturing principles  Thinner wafers  Thinner sawing wire  New furnace technology gy  Proprietary technology in each process step 18 Business Confidential  Copyright Renewable Energy Corporation ASA. All Rights Reserved
  19. 19. Solarcon Singapore Conference REC Solar 2010 Investing in proprietary technology and  A fast-growing producer of solar cells process improvements and solar modules  Involved in solar systems integration in selected segments of the market  Strategic ambition is to develop into a leading, leading global solar cell and module manufacturer, as well as project developer within selected segments of PV systems  Highly automated processes  Increasing conversion efficiency  Operational excellence p  Economies of scale 19 Business Confidential  Copyright Renewable Energy Corporation ASA. All Rights Reserved
  20. 20. Solarcon Singapore Conference Manufacturing facilities and capacities 2010 Narvik, NORWAY ,  Cell plant ~180 MW capacity Glomfjord, NORWAY  Multicrystalline wafer plant Glava, SWEDEN Moses Lake USA Lake, ~320 MW capacity 320  Monocrystalline wafer plant  Module plant ~150 MW capacity  Polysilicon (Siemens & FBR) ~300 MW capacity plants ~13 500 MT capacity  Silane gas capacity ~21 000 MT g p y Herøya, NORWAY  Wafer plants – totalling ~1 1 GW capacity 1,1 Butte, USA  Polysilicon (Siemens) capacity ~3 5 00 MT. Silane gas capacity ~7 500 MT Tuas View, SINGAPORE  Wafer plant ~740 MW capacity  Cell plant ~550 MW capacity  M d l plant ~590 MW capacity Module l t 590 it 20 Business Confidential  Copyright Renewable Energy Corporation ASA. All Rights Reserved
  21. 21. Solarcon Singapore Conference Doubling the size of the company 2010 REC Silicon REC Wafer REC Solar MT MW MW (modules) 20,000 3,000 800 15,000 600 2,000 10,000 400 1,000 5,000 200 0 0 0 2009 2011 2009 2011 2009 2011 Production Capacity Production Capacity Production Capacity 21 Business Confidential  Copyright Renewable Energy Corporation ASA. All Rights Reserved
  22. 22. Solarcon Singapore Conference REC production plant – Singapore 2010 Wafers W f ~740 MW 740 Cells ~550 MW Modules ~590 MW  The construction project is >90 percent complete  CAPEX at completion estimated at € 1.4 billion – 22% below initial estimate  Excellent safety record for construction project with > 17 million man-hours Photo: REC production plant Singapore 22 Business Confidential  Copyright Renewable Energy Corporation ASA. All Rights Reserved
  23. 23. Solarcon Singapore Conference 2010 “I'd put my money on the sun and solar Id energy. What a source of power! I hope we don't have to wait till oil and coal run don t out before we tackle that.” Thomas Edison to his friends Henry Ford and Harvey Firestone (1931) 23 Business Confidential  Copyright Renewable Energy Corporation ASA. All Rights Reserved

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