REC Group sees strongest third quarter ever

In its quarterly Solar Market Insight Report, REC Group states that it shipped 326 MW of modules in Q3 2017, a 19% year on year increase, and 9% up from the previous quarter. The company also states that it has grown its customer base by 66% in 2017 to date.

The Europe, Middle East & Africa region was the Group’s strongest, accounting for 46% of all shipments. REC reports that Germany was its strongest country, and that a successful entry into the Turkish market also contributed to the strong quarter.

Elsewhere, Australia and Japan contributed solid demand for REC products, and shipments to the USA rose by 25% over the previous quarter.

Further growth is expected for the fourth quarter, when REC Group states that it is ‘almost fully booked’ and expects to see shipment volume increase by another 12-18%. The company is maintaining its focus on European markets, and expects the continent’s PV market to return to growth in the near future.

REC Group’s module capacity stands at 1.4 GW, and much of it is in the process of being upgraded, with several major equipment orders having been placed in recent months.