August 26, 2014 - REC Group announced today that it has signed solar panel supply agreements totaling 85MW with a major U.S. EPC company for utility-scale projects in the United States. The contracts also mark the first purchase orders for its Peak Energy 72-cell panel series. The solar panels shall be delivered to the EPC customer from July 2015 until 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 Martin Cooper, CEO of REC Group. "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 3GW of new installations in 2014 and increase to nearly 6GW 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, 1000-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, Senior VP, North America & Carribbean, REC Group. "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"