"REC is committed to consistently delivering volume quantities of its high quality panels"
OSLO, NORWAY AND SAN FRANCISCO — FEBRUARY 25, 2015 — REC Group (Oslo Stock Exchange: RECSOL), a leading global provider of solar energy solutions, and Sunrun, the largest dedicated residential solar company in the United States, today announced the expansion of their supply agreement signed in August 2014. Under the terms of the deal, Sunrun will purchase 100 megawatts (MW) of REC's high-quality, high-performing Peak Energy solar panels, with deliveries scheduled throughout 2015.
"Our original panel supply contract with Sunrun called for a minimum of 50 MW, with an option for up to 100 MW, so this doubling of volume underscores the solid relationship between the two companies and our position in the U.S. residential market," said Arndt E. Lutz, senior vice president of REC Group and managing director of its North American business. "Customers like Sunrun understand the value of REC's high standards of quality, reliability and integrity inherent in our products and the way we do business."
"REC is committed to consistently delivering volume quantities of its high quality panels," said Paul Winnowski, chief operating officer of Sunrun. "This enables Sunrun to provide consumers with the best and most reliable solar panels on the market for their home solar system. Our decision to strengthen our partnership reflects the confidence we have and that our qualified installers have in REC's high-performance rooftop solar products today and in the future."
The amended Sunrun agreement is the latest in REC's string of major panel supply agreements and installations in the U.S. market. REC has signed 703 MW of long-term supply agreements for the residential, commercial, and utility segments in the U.S. market since May 2014. The Norway-based company is expanding its production capacity to 1.3 gigawatts at its state-of-the-art, vertically integrated Singapore manufacturing facility.
About REC Group
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 1,700 employees worldwide generated revenues of $647 million in 2013. For more information, visit www.recgroup.com.
Sunrun pioneered solar as a service, a way for homeowners to go solar without high upfront cost, and is the largest dedicated residential solar company in the U.S. Sunrun provides end-to-end service for homeowners to choose cleaner, cheaper solar energy and fix their electric costs for 20 years. The company designs, installs, finances, insures, monitors and maintains the solar panels on a homeowner's roof, while families pay just for the electricity at a lower rate than their current utility. Since Sunrun introduced solar service in 2007, it has become the preferred way for consumers to go solar in the nation's top solar markets. For more information, please visit: www.sunrun.com.