Yellow sun with three sun rays coming off the bottom right corner with the letters REC in black, bold to the right

REC Solar has recently signed two deals with Recurrent Energy for a total of 300MW’s worth of photovoltaic solar panels.

Recurrent Energy is a North American solar developer who plans to use the solar panels in utility scale developments in California. The REC Peak Energy 72 Series solar panels will be delivered from Q1 2015 to Q2 2016 at a fixed price.

According to IHS, the utility scale sector in the US is expected to be 4.1GW’s in 2015. Large scale solar accounts for the biggest portion of solar power installed in the States.

“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. 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,” said Martin Cooper, CEO of REC Group.

According to their press release, REC has over the past months signed agreements of 685 MW for the U.S. residential, commercial and utility-scale segments of which ~532 MW is expected to be delivered in 2015. This represents 44% of REC’s expected 1.2 GW production next year.

The company has also released its Q3 2014 results showing module production of 248MWs (up7.1% from the previous quarter) and revenue of $149.1 million (down 9.3% from the previous quarter). With 255MW’s expected in Q4, REC is looking at a 950MW of production in 2014 which is close to full capacity. REC’s furnace upgrade and module expansion is progressing as expected and they hope that it will help them to increase their capacity and continue cutting to cost of solar power.

“We are confident that we will be able to continue to reduce costs and develop our product offering over the coming years and retain our competitiveness,” said Mr. Cooper.





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