Norway's solar energy company Renewable Energy Corp (REC) will invest 6.3 billion Singapore dollars (about 4.3 billion U.S. dollars) to build the world's largest solar manufacturing complex in Singapore.
REC announced Friday that the Singapore solar plant will be its first on the Asian continent.
When fully operational, the integrated solar manufacturing complex will be able to produce up to 1.5 gigawatts of solar wafers and cells each year.
This will be equivalent to more than 70 percent of the total global output of 2 Gig watts last year, according to REC.
The Economic Development Board of Singapore said this is a major coup for Singapore and will catapult the country into the world solar industry map, according to local television Channel News Asia report.
Singapore endeavors to develop clean energy industry, including solar energy, into a future growth engine for the economy.