SolarCity(R) (Nasdaq:SCTY) and REC Group, traded under the company name REC Solar ASA (Oslo:RECSOL), a leading global provider of energy solutions, today announced a supply agreement under which SolarCity will purchase a minimum of 100 MW and up to 240 MW of REC's high quality, high-performing Peak Energy solar panels during a 12 month period beginning in Q4 2014.
OSLO, Norway and SAN MATEO, Calif., June 5, 2014 (GLOBE NEWSWIRE) --
Solar ASA (Oslo:RECSOL), a leading global provider of energy solutions,
today announced a supply agreement under which SolarCity will purchase a
minimum of 100 MW and up to 240 MW of REC's high quality, high-performing
Peak Energy solar panels during a 12 month period beginning in Q4 2014.
SolarCity, the U.S.' largest solar power provider, plans to install the
solar panels across its 15-state service territory. The solar panels are
compatible with SolarCity's Zep Solar mounting system--REC and Zep Solar
entered into a technology licensing agreement earlier this year.
"The availability of competitively priced, U.S. trade-compliant PV modules
is an important development for the global solar industry,"
said Tanguy Serra, SolarCity's chief operations officer. "REC delivers
high-performance modules with excellent resistance to degradation, all with
a responsible environmental footprint."
REC is a leading manufacturer of wafers, cells and solar panels for solar
applications. REC's solar panels are backed by its linear 25-year power
output guarantee, and feature enhanced power production per square foot,
robust and durable design, easy installation, optimized performance in all
sunlight conditions, with a typical energy payback time of less than one
"REC Group is excited to partner with SolarCity, extending our presence in
North America's rooftop generation markets," said Arndt E. Lutz, REC Group's
senior vice president. "Our high quality, tariff-free, bankable solar
modules are an excellent fit for the United States' largest solar power
About REC Solar ASA
REC is a leading global provider of solar energy solutions. With more than
15 years of experience, we offer sustainable, high performing products,
services and investments for the solar industry. Together with our partners,
we create value by providing solutions that better meet the world's growing
energy needs. REC is headquartered in Norway and listed on the Oslo Stock
Exchange (ticker: RECSOL). Our 1,600 employees worldwide generated revenues
of USD 647 million in 2013. For more information, visit www.recgroup.com.
SolarCity(R) (Nasdaq:SCTY) provides clean energy. The company has disrupted
the century-old energy industry by providing renewable electricity directly
to homeowners, businesses and government organizations for less than they
spend on utility bills. SolarCity gives customers control of their energy
costs to protect them from rising rates. The company makes solar energy easy
by taking care of everything from design and permitting to monitoring and
SolarCity currently serves 15 states and signs a new customer every two
minutes. Visit the company online at www.solarcity.com and follow the
company on Facebook & Twitter.