SOURCE: REC Group

REC Group

August 26, 2014 12:00 ET

REC Group Wins Its Largest U.S. Utility-Scale Order to Date Totaling 85MW

SAN FRANCISCO, CA--(Marketwired - Aug 26, 2014) - REC Group, a leading global provider of solar energy solutions, announced today that it has signed solar panel supply agreements totaling 85MW with a major U.S. engineering, procurement and construction (EPC) company for utility-scale projects in the United States. The multimillion-dollar deal underscores REC's accelerating momentum in the U.S. across all segments. The contracts also mark the first purchase orders for its Peak Energy 72-cell panel series, which was introduced in July to meet the specific requirements in the U.S. utility and large commercial markets. The solar panels shall be delivered to the EPC customer from July 2015 until February 2016.

"REC has already doubled its U.S. order intake over the past 12 months, thanks to the recent big wins with residential leaders SolarCity and Sunrun," said Martin Cooper, CEO of REC Group. "With our new 72-cell product, we are seizing opportunities in the U.S. large commercial and utility markets and are demonstrating significant growth in line with our expectations."

The utility segment accounts for the largest portion of solar installations in the burgeoning U.S. market. GTM Research predicts that the segment will exceed 3 gigawatts (GW) of new installations in 2014 and increase to nearly 6 GW by 2016, with much of the growth expected to come from states such as Colorado, North Carolina, Georgia and Texas.

"Signing these substantial agreements less than two months after the announcement of REC's 72-cell, 1000-volt panel offering confirms the strong demand for our high-quality, duty-free products in all market segments from residential to utility scale," said Arndt E. Lutz, Senior VP, North America & Carribbean, REC Group. "Based on our discussions with several large EPC firms and developers in the U.S., we believe that our order pipeline in the U.S. will continue to increase."

The Peak Energy 72-cell Series panels, rated at 310-watt and 1000 V-dc, provide multiple benefits for utility and large commercial integrators, including lower installation costs, the use of fewer balance of system components, and less overall cost per installed watt. As a result of these and other advantages, a growing majority of U.S. solar projects over 500 kilowatts (KW) in size in development or under construction will employ the larger, higher voltage panels, according to GTM Research.

REC is a global manufacturer of multicrystalline-silicon wafers, cells and solar panels with fully automated production facilities in Singapore. 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.

REC Group will be exhibiting its new 72-cell solar panel alongside its other REC Peak Energy Series panels in Booth 357 at the Solar Power International show in Las Vegas, October 21-23, 2014.

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.