REC Group signs 85 MW US supply order deal

REC Group has signed a solar panel supply agreements totaling 85 MW with a major, albeit unnamed, U.S. engineering, procurement and construction (EPC) company for utility-scale projects in the United States.

The contracts mark the first purchase orders for REC’s 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. REC is scheduled to deliver the solar panels to the EPC customer from July 2015 to 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 REC Group CEO Martin Cooper. "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 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, 1,000-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, REC Group’s senior VP, North America & Carribbean. "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"