REC Group posts 15% quarter-over-quarter module shipment slump

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REC Group, the Norwegian-headquartered producer of solar modules, saw a third quarter sequential contraction in module shipments of 15% as the global headwinds in the PV industry took hold.

In Q3 the company shipped just 276 MW of modules, compared to 326 MW in Q2. However, despite this contraction, the company remained positive for the rest of the year, and revealed an 88% increase in module shipments to the Asia Pacific (APAC) region quarter-over-quarter.

The firm also claimed to be the most popular solar panel brand in the U.S., revealed that 60% of all module shipments in Q3 went stateside. The EMEA region saw a 36% decline in shipments, accounting for just 63 MW, while APAC’s 47 MW remains comparatively small but far higher than the 25 MW shipped to the region in Q2.

In the U.S., the company had a series of milestones including the supply of 800,000 panels to the 258 MW Tranquility project in California, while growing interest is being recognized in Latin American markets, REC Group confirmed. Shipments to India are currently small, but increasing, while a solid performance in Japan reflected the slower market conditions there, the company said.

Notable landmarks in REC Group’s 20th year include the official opening if its Heroya ingot plant in Norway and the successful launch of the 72-cell version of the REC TwinPeak Series module.

"We continue to make commendable improvements throughout our value chain in order to overcome the current challenging market situation," said Steve O’Neil, CEO at REC. "REC has a long and proven track record for coming out stronger from such industry downturns, as evidenced by our longevity and 20 years in business."

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