Renewable Energy Corporation
Singapore-headquartered solar materials and photovoltaic manufacturing company, now owned by Reliance Industries.
Last updated November 4, 2026
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Overview
Renewable Energy Corporation, commonly known as REC, is a Singapore-headquartered company operating in the photovoltaic value chain. Its activities have historically covered silicon materials, multicrystalline wafers, solar cells, and solar modules. The company developed from a Norwegian solar-industrial group into an internationally oriented manufacturer with major production investments in Singapore and the United States. It is now a wholly owned subsidiary of Reliance New Solar Energy Limited, a Reliance Industries subsidiary. The predecessor of the modern company was established in Norway in 1996 as Fornybar Energi AS. In September 2000, Fornybar Energi merged with ScanWafer AS and SolEnergy AS, creating the business that became known as REC. During its early expansion, REC built an integrated manufacturing presence in Norway. REC ScanCell began producing multicrystalline solar cells in Narvik in 2002 for REC ScanModule in Glava, while REC Wafer operated wafer factories at Glomfjord and Herøya. At that stage, REC was described as the world's largest producer of multicrystalline wafers. REC became a publicly traded growth company in 2006. Its share price reached a high of NOK 262 in November 2007, giving the company a market capitalization of approximately NOK 174 billion at that point. The rapid expansion reflected strong expectations for solar energy and demand for upstream materials. In 2007, REC chose Singapore for a large integrated manufacturing complex designed to combine wafer, cell, and module production. Production at the Singapore facility began in 2010, establishing the country as the center of the company's international manufacturing strategy. The business then faced a severe industry downturn. The 2008 financial crisis coincided with a sharp fall in silicon-wafer prices, while construction delays and investment costs affected the economics of new facilities, including the planned Moses Lake, Washington expansion. REC's income and market value declined and debt pressures increased. Continued oversupply and weak market conditions led to the permanent closure of REC's Norwegian wafer and cell operations during 2011 and 2012. The closures included facilities at Herøya and Glomfjord and the solar-cell plant at Narvik. REC Wafer Norway subsequently moved toward insolvency proceedings. In 2013, REC reorganized its operations. REC Solar was established as a separately listed company, while the remaining silicon business was renamed REC Silicon in October 2013. The silicon operations included facilities at Moses Lake, Washington, and Butte, Montana, producing polysilicon and silane gas for solar and electronics applications. This restructuring separated the downstream solar manufacturing business from the silicon-materials operations and reflected the pressure caused by falling prices and excess capacity across the industry. REC also developed commercial relationships for wafer supply. It entered long-term arrangements with Suniva and China Sunergy, involving substantial contracted deliveries of monocrystalline wafers. The China Sunergy arrangement later became contentious after spot-market wafer prices fell sharply. China Sunergy reportedly stopped taking contracted volumes, and REC terminated the agreement, leading to legal proceedings. Following the separation and subsequent ownership changes, REC became part of China's state-linked ChemChina group through China National Bluestar Group. ChemChina acquired its stake in Elkem in 2015, and the transaction value was reported as EUR 490 million. On October 10, 2021, Reliance Industries announced that Reliance New Solar Energy Limited had acquired complete control of REC from China National Bluestar Group for US$771 million. The acquisition placed REC within Reliance's broader strategy to build an integrated new-energy and solar manufacturing platform. REC continues to be associated with photovoltaic materials and manufacturing technology. In 2023, it announced t…
History
REC originated in Norway in 1996, when Fornybar Energi AS was established as a predecessor to the present company. In September 2000, Fornybar Energi merged with ScanWafer AS and SolEnergy AS. The resulting group developed an integrated solar-manufacturing model spanning silicon materials, wafers, cells, and modules. The company expanded rapidly in the early 2000s. REC ScanCell started multicrystalline solar-cell production in Narvik in 2002, supplying the sister company REC ScanModule in Glava, Sweden. REC Wafer operated manufacturing facilities at Glomfjord and Herøya and became a leading, eventually described as the world's largest, producer of multicrystalline wafers. REC's initial public offering in 2006 was followed by a dramatic rise in its valuation. The share price reached NOK 262 in November 2007, when the company was valued at approximately NOK 174 billion. In 2007, REC committed to a major integrated production complex in Singapore. The planned site was designed to bring together wafer, cell, and module operations and to reach production capacity of as much as 1.5 GW. Automated, integrated production began in 2010. The company also decided in 2008 to expand silicon manufacturing in Bécancour, Quebec, supported by a long-term electricity agreement with Hydro-Québec. Other expansion plans included a facility in Moses Lake, Washington. The global financial crisis and a subsequent photovoltaic-industry downturn weakened REC's financial position. Silicon-wafer prices fell substantially, while investment costs and delays, particularly around new manufacturing capacity, increased pressure on the company. By May 2010, its market capitalization had fallen to approximately NOK 18 billion. The combination of oversupply, price compression, high capital requirements, and weak demand made several production sites uneconomic. During 2011 and 2012, REC closed its Norwegian solar-cell and wafer facilities. The closures affected the older Herøya operations, the Glomfjord multicrystalline wafer plant, and the Narvik cell plant; the remaining Norwegian wafer plant at Herøya was closed in 2012. REC Wafer Norway moved toward insolvency. These actions marked the end of REC's Norwegian wafer and cell manufacturing era and shifted the center of gravity toward international operations. REC restructured again in 2013. REC Solar was established as a separately listed company, while REC retained and renamed its polysilicon activities as REC Silicon. The silicon business included plants in Moses Lake, Washington, and Butte, Montana, where polysilicon and silane gas were produced for solar and electronics customers. The split separated downstream solar manufacturing from the silicon business at a time when the industry was experiencing heavy price pressure. The ownership history subsequently changed. China National Bluestar Group, part of ChemChina's state-linked industrial structure, held the relevant stake after ChemChina's 2015 acquisition of Elkem. On October 10, 2021, Reliance Industries announced that its subsidiary Reliance New Solar Energy Limited had acquired complete control of REC for US$771 million. REC consequently became part of Reliance's planned renewable-energy manufacturing ecosystem. In 2023, REC announced a corporate research and development laboratory with the National University of Singapore focused on next-generation photovoltaics. This initiative reflects the company's continuing interest in improving photovoltaic technology and maintaining a research presence in Singapore. REC's history therefore combines Norwegian origins, rapid public-market expansion, a major Singapore manufacturing investment, restructuring after a solar-industry crisis, and integration into Reliance's expanding clean-energy group.
- 2023
REC@NUS research laboratory announced
[1]REC and the National University of Singapore announced a corporate R&D laboratory for next-generation photovoltaics.
- 2021
Reliance acquires REC
[1]Reliance New Solar Energy Limited acquired complete control of REC from China National Bluestar Group.
- 2013
Corporate split and renaming
[1]REC Solar was established as a separately listed company, and the remaining silicon business became REC Silicon.
- 2012
Norwegian wafer operations close
[1]The remaining Norwegian wafer production was shut down after earlier closures of other wafer and cell facilities.
- 2010
Singapore manufacturing begins
[1]Fully automated and integrated wafer, cell, and panel production started at the Singapore facility.
- 2007
Singapore integrated complex approved
[1]REC decided to build a large integrated wafer, cell, and module manufacturing complex in Singapore.
- 2006
Initial public offering
[1]REC became publicly traded and entered a period of rapid valuation growth.
- 2002
Multicrystalline cell production begins in Narvik
[1]REC ScanCell began producing multicrystalline solar cells in Narvik for REC ScanModule.
- 2000
Merger creates the REC group
[1]Fornybar Energi AS merged with ScanWafer AS and SolEnergy AS in September, forming the basis of the modern REC group.
- 1996
Predecessor company established
[1]Fornybar Energi AS, a predecessor of REC, was established in Norway.
Products and positioning
An integrated photovoltaic value-chain company with historical strength in silicon materials and wafers, complemented by solar-cell and module manufacturing. Under Reliance ownership, REC is positioned as part of a broader global renewable-energy and solar-industrial platform.
Photovoltaic raw materials
Polysilicon
REC has historically produced polysilicon for photovoltaic applications. The silicon business became the focus of REC Silicon after the 2013 corporate split, with production facilities in Moses Lake, Washington, and Butte, Montana. Polysilicon is an upstream material used to manufacture silicon wafers and solar cells.
Photovoltaic components
Multicrystalline wafers
Multicrystalline silicon wafers were among REC's original core products and supported its early position as a major upstream solar manufacturer. The company operated wafer plants in Norway and supplied external solar-cell manufacturers under long-term commercial arrangements. Norwegian wafer production was later discontinued during the 2011–2012 restructuring.
Photovoltaic components · 2002
Solar cells
REC manufactured multicrystalline solar cells, including at its Narvik facility, and later integrated cell production into its Singapore complex. Solar cells convert sunlight into electricity and form the active electrical element within a photovoltaic module. The Norwegian cell operation was permanently closed during the company's restructuring.
Photovoltaic systems
Solar modules
REC's module activities assembled solar cells into finished photovoltaic panels for use in commercial, utility-scale, and other solar installations. Module production was part of the integrated manufacturing strategy developed in Singapore, allowing the company to connect upstream wafer and cell production with a finished solar product.
Industrial and electronic materials
Silane gas
Following the 2013 separation, REC Silicon produced silane gas at its United States facilities for applications in the solar and electronics industries. Silane is used in specialized semiconductor and photovoltaic manufacturing processes.
Brand decisions
2021
Reliance acquires complete controlM&ABackground
Reliance Industries was building a broader renewable-energy and solar manufacturing platform.
Action taken
Reliance New Solar Energy Limited acquired complete control of REC from China National Bluestar Group.
Aftermath
REC became a wholly owned Reliance subsidiary and a component of the group's international solar strategy.
Acquisition price. US$771 million (Announced October 10, 2021)
2013
Separate REC Solar from the silicon businessStrategyBackground
The solar industry was experiencing overcapacity and severe price pressure, encouraging REC to separate downstream solar manufacturing from silicon materials.
Action taken
REC established REC Solar as an independently listed company and renamed the continuing silicon business REC Silicon.
Aftermath
The split created distinct downstream solar and upstream silicon businesses, with REC Silicon centered on United States production facilities.
2011
Close unprofitable Norwegian productionStrategyBackground
Weak market conditions and the prospect of substantial negative cash flow made older Norwegian wafer and cell plants uneconomic.
Action taken
REC announced permanent closures affecting the Herøya and Glomfjord wafer facilities and the Narvik solar-cell plant.
Aftermath
The remaining Norwegian wafer operation closed in 2012, ending REC's Norwegian wafer and cell manufacturing activities.
2008
Expand silicon production in QuebecStrategyBackground
REC planned to expand silicon manufacturing capacity in response to expected photovoltaic demand.
Action taken
The company decided to build a facility in Bécancour, Quebec, supported by a 20-year electricity supply agreement with Hydro-Québec.
Aftermath
The expansion formed part of a broader investment program later affected by the global financial crisis, falling silicon prices, and manufacturing delays.
2007
Build an integrated solar complex in SingaporeStrategyBackground
REC sought large-scale, vertically integrated production to reduce manufacturing costs and compete with conventional energy in sunny markets.
Action taken
The company approved a Singapore complex combining wafer, cell, and module manufacturing, with planned capacity of up to 1.5 GW.
Aftermath
Integrated production began in 2010, although later industry oversupply and price pressure weakened the economics of the wider expansion program.
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