REC Group Clinches 300 MW Of California Supply Agreements


REC Group has closed two agreements with solar developer Recurrent Energy to supply an aggregate of 300 MW of photovoltaic panels for utility-scale projects in California. Under the deals, REC will supply the recently introduced Peak Energy 72 Series panels from the first quarter of 2015 until the second quarter of 2016 at a fixed price.

‘With our successful push into the U.S. market, we have been able to build up an order book that significantly exceeds our 300 MW panel manufacturing expansion in 2015,’ says Martin Cooper, CEO of REC Group." Our expanded order book will allow for greater planning visibility and assist in further stabilizing our financial performance. 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."

Over the past several months, REC says it has signed agreements totaling 685 MW for the U.S. residential, commercial and utility-scale segments – of which about 530 MW is slated to be delivered in 2015. This represents 44% of REC's expected 1.2 GW production next year.Â

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