REC predicts a halving of the cost of producing solar panels by 2010, thanks to the implementation of more efficient technology.
Thorsen told Reuters that a competitive solar energy offer in the 'sun belt', those parts of the world with 1,400 hours of sun a year, which includes North America and the Mediterranean, will allow REC to supply a significant part of the world's population.
In Northern Europe the solar energy industry would need state subsidies to compete with conventional energy on price terms.
"Once you first crack the code and can compete with traditional energy sources, you can have unlimited growth. And when you can offer a good source of energy for about the same cost the choice is obvious," Thorsen told Reuters.
"The industry should be able to reduce prices significantly forward to about 2010-2012, without destroying margins," Thorsen said.
REC's major investment will be a new production facility that will cost between USD 2-3 billion. The company also wants to invest between USD 1.5 and 2.5 billion to increase silicon production, with a facility either in Europe, Asia or North America.
REC is a world leader in solar energy technology, with a presence throughout the value chain, from super-pure silicon production to wafers, cells and panel modules.
The company's market value is over NOK 100 billion (USD 18.5 billion), over double its worth when it was listed on the stock exchange in May last year.
