Renewable Energy Corporation ASA (REC) reported first quarter 2012 revenues of NOK 2,138 million and EBITDA of NOK 455 million. REC reduced net debt by NOK 0.5 billion in the first quarter to NOK 4.2 billion. Attractive return on PV-investments for the end-users in key markets, expected feed-in tariff cuts in Germany as well as growing demand from a number of emerging markets led to high module installation volumes in the first quarter of 2012. Despite the high volumes, industry-wide overcap...