SOURCE: REC Group

REC Group

August 21, 2014 11:00 ET

REC Group and Sunrun Sign Solar Panel Supply Agreement as the Company Accelerates U.S. Market Push

OSLO, NORWAY and SAN FRANCISCO, CA--(Marketwired - Aug 21, 2014) - REC Group, a leading global provider of solar energy solutions, announced today the signing of a supply agreement with Sunrun, the largest dedicated residential solar company in the United States, under which Sunrun will buy a minimum of 50 megawatts (MW) and up to 100 MW of REC's high-quality Peak Energy Series solar panels in 2015. The agreement also signifies REC Group's plans to further increase its footprint in the U.S.

"The U.S. will be an increasingly important market for REC," said Martin Cooper, CEO of REC. "With a combination of our flexibility to selectively dispatch our products across our global market network and ability to develop a new 72-cell production capacity, we have been able to quickly position ourselves well to take advantage of this opportunity. However, in the long term, the overall high-quality and reliability of our products remain the crucial factors for past and upcoming contracts."

"Access to high quality, high performing panels is critical in our ability to give even more consumers the choice to buy cleaner, less expensive power and achieve our vision of creating a planet run by the sun," said Paul Winnowski, Sunrun's chief operating officer. "Our certified installers believe REC's high-performance PV panels are one of the best rooftop solar products available and the company's unwavering commitment to quality, strong financial position and trustworthy reputation make them an ideal partner for Sunrun." 

This latest contract follows REC's announcement of its 72-cell utility-scale panel product for the U.S. market and other supply agreements, which have contributed to REC doubling its U.S. order intake over the past 12 months.

 "This partnership with an industry leader like Sunrun further demonstrates REC's commitment to the rapidly growing U.S. market," said Arndt E. Lutz, senior vice president of REC Group and managing director of its North American business. "The agreement bolsters our position as a competitively priced and trade-compliant supplier of bankable PV panels."

REC is a global manufacturer of multicrystalline-silicon wafers, cells and solar panels. The Peak Energy Series panels are backed by the company's linear 25-year power output guarantee, and feature enhanced power production per square foot, robust and durable design, and easy installation.

About REC Group
REC is a leading global provider of solar energy solutions. With more than 15 years of experience, we offer sustainable, high performing products, services and investments for the solar industry. Together with our partners, we create value by providing solutions that better meet the world's growing energy needs. Headquartered in Norway, the company is traded under the name REC Solar ASA and listed on the Oslo Stock Exchange (OSLO: RECSOL). Our 1,600 employees worldwide generated revenues of US $647 million in 2013. For more information, visit www.recgroup.com.

About Sunrun
Sunrun pioneered solar as a service, a way for homeowners to go solar without high upfront cost, and is the largest dedicated residential solar company in the U.S. Sunrun provides end-to-end service for homeowners to choose cleaner, cheaper, solar energy and fix their electric costs for 20 years. The company designs, installs, finances, insures, monitors and maintains the solar panels on a homeowner's roof, while families pay just for the electricity at a lower rate than their current utility. Since Sunrun introduced solar service in 2007, it has become the preferred way for consumers to go solar in the nation's top solar markets. Sunrun has deployed $2 billion in solar systems and has raised more than $300 million in equity capital. For more information, please visit: www.sunrun.com.