SPI 216 - SolarWorld partners with REC Solar to spur commercial project development

Program includes financing, procurement and project support for SolarWorld installers

HILLSBORO, Ore., Sept. 7, 2016 - SolarWorld, the largest U.S. crystalline-silicon solar technology manufacturer for more than 40 years, is partnering with REC Solar, a California-based leading provider of commercial solar and energy solutions, to provide financing, procurement and other services for SolarWorld installers developing commercial projects. The partnership program is designed to accelerate development of commercial projects of between 50 kilowatts and 2 megawatts by streamlining credit underwriting, contracting, procurement and financing processes that typically have slowed development in the segment.

Through the program, qualified SolarWorld installers will have access to project financing from REC Solars fund of $225 million, guaranteed by REC majority-owner Duke Energy, in California, Hawaii and the Northeast (Maryland, Massachusetts, New Jersey and New York). The partnership builds on existing supply relationships between SolarWorld, and both REC Solar and Duke Energy by giving SolarWorld installers direct access to REC Solars commercial power purchase agreement (PPA).

Program benefits also include:

 Origination and proposal support to simplify and expedite deal closures.
 Project-management services to keep projects moving on time and within budget.
 Discounted procurement to ensure cost-competitive purchasing that includes SolarWorld solar panels.
 Fast-track credit underwriting that takes hours, instead of weeks.
 Online and on-site training to guide installers in closing and completing commercial projects.
"SolarWorld and REC are industry leaders with a shared commitment to quality," said Ryan Stepp, director of channel and partner sales for REC Solar. "We are excited to be extending our relationship with SolarWorld and bringing the benefits of solar energy to more businesses across the U.S."

Mukesh Dulani, U.S. president of SolarWorld, said the company is eager to work with REC Solar to ease the way for its installers to develop commercial projects, a segment that has proved challenging for many. "Together, we are resolved to help our installation partners enjoy access to the widest possible range of projects while saving them time and reducing their costs," Dulani said.

For more information, interested commercial installers can email SWFS@SolarWorld.com or visit the SolarWorld booth at Solar Power International from Sept. 12 to 15 in Las Vegas.

About SolarWorld REAL VALUE: SolarWorld manufactures and sells high-tech solar power solutions and in doing so contributes to a cleaner energy supply worldwide. The group, headquartered in Bonn, Germany, employs 3,820 people and operates facilities in Freiberg, Germany; Arnstadt, Germany; and Hillsboro, Oregon, USA as well as in a joint venture with Qatar Solar Technologies. From raw material silicon to solar wafers, cells and modules, SolarWorld manages all stages of production ‒ including research and development in its own company, SolarWorld Innovations. Through an international distribution network with locations in Europe, USA, Singapore, Japan, South Africa and Qatar, SolarWorld supplies customers all over the world. The company upholds high social standards and commits itself to resource- and energy-efficient production. SolarWorld was founded in 1998 and has been publicly traded on the stock market since 1999. Connect with SolarWorld on Facebook, Twitter and www.solarworld.com.

About REC: REC is the only renewable energy provider focused exclusively on businesses and backed by Duke Energy, one of the largest energy companies in the world. Incorporating experience from more than 500 successful commercial solar installations over 19 years, REC Solar tailors financing and technology solutions to immediately deliver bottom line savings. REC Solar makes commercial solar simple, working seamlessly with customer operations to deliver clean energy for decades. For more, visit RECSolar.com or call 844-REC-SOLAR (844-732-7652).

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