REC Group, a global provider of solar energy solutions, has closed two supply agreements with Recurrent Energy, LLC (Recurrent Energy), a North American solar project developer, for the supply of an aggregate of 300 MW PV panels for utility-scale developments in California. REC will supply the recently introduced Peak Energy 72 Series panels from Q1 2015 until Q2 2016 at a fixed price.
The utility-scale segment accounts for the largest portion of solar installations in the U.S. market. Martin Cooper, CEO of REC Group, commented: “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.”
These agreements with Recurrent Energy are the latest in REC's recent string of major PV panel supply agreements for the U.S. market. 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.