Norwegian solar firm sees profits slump

Norwegian solar panel manufacturer Renewable Energy Corp has suffered a net third quarter loss of NOK759m ($137.3m) and announced it is shutting several plants.

The company posted third quarter revenues of NOK3bn, down from NOK3.8bn last year, while operating profit more than halved from NOK827m in 2010 to NOK370m.

REC’s board also confirmed it is closing three plants with a total capacity of 955 MW. The shutdown of the facilities at Heroya, Glomfjord and Narvik will affect 700 staff.

The company also operates plants in Washington and Montana in the US and in Singapore.

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