Wednesday, Fluor Corp. (FLR), a provider of engineering and construction management services, said it received an engineering and construction contract from Norway-based solar power company - Renewable Energy Corp. for a state-of-the-art solar panel manufacturing complex in Singapore for approx. $420 million.
As per the contract, Fluor will be responsible for engineering, procurement, construction management and commissioning services of the complex. The contract covers utilities, infrastructure, facilities and roadways. The complex would have the facilities to produce wafers, cells and modules targeting global market.
On completion of the complex, Renewable Energy expects production of 740 MW of wafers, 550 MW of cells and 590 MW of modules by 2012.
Fluor said the project will be executed from its newly expanded Singapore office and will draw upon its global expertise. Fluor plans to book the entire amount in the third quarter. Fluor has established a relationship with Renewable Energy in polysilicon production as well as solar component production arenas.
Groundbreaking of the project took place in July and the production at the complex is scheduled to begin in early 2010. Fluor also noted that it has teamed with Bovis Lend Lease to execute the construction management phase of the project.
FLR is currently trading at $40.66, down $2.52 or 5.84% on a volume of 478K shares.
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