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Renewable Energy Corporation

American Appraisal assisted REC with insurance valuations of its largest clean tech solar production facility in Singapore.


Renewable Energy Corporation (REC) is a leading global provider of solar energy solutions. With more than 15 years of experience, REC offers sustainable, high-performing products, services and investments for the solar industry. Together with its partners, REC creates value by providing solutions that better meet the world’s growing energy needs. REC is headquartered in Norway and listed on the Oslo Stock Exchange (ticker: RECSOL).

REC's integrated solar production facility in Tuas, Singapore, was officially opened by the Prime Minister of Singapore on November 3, 2010. This milestone is the largest single investment ever made by REC and the largest clean tech investment ever made in Singapore at 2.5 billion Singapore dollars (about EUR 1.3 billion). The Singapore solar facility produces wafers, solar cells and solar panels for customers worldwide. The production is based on multicrystalline technology. For 2012, a total of 722 MW of solar panels were produced at REC's Singapore facility.

REC approached American Appraisal to carry out valuations for insurance purposes. The valuations were performed in accordance with International Valuation Standards and included plant & machinery related to processes, general plant and machinery, infrastructures, buildings, land improvements, mechanical and electrical installations, office equipment, furniture & fixtures among others. American Appraisal’s staff completed a physical inspection of the above-mentioned asset categories located at these facilities. The facilities visited included:

  • Wafer Unit, REC, Singapore
  • Cell Unit, REC, Singapore
  • Module Unit, REC, Singapore
  • Site Services Unit, REC, Singapore

Per the scope of work, American Appraisal estimated the cost new of major process equipment, utilities and other assets for each building individually. The valuation analysis was based on the data gathered during site inspections, as well as information provided by REC, Singapore, management. During this exercise, we collected all the technical data related to major process equipment and utilities. This close collaboration enabled American Appraisal to complete this valuation exercise in time and up to the expectations of client management.

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