REC to supply 300MW photovoltaic panels to Recurrent Energy

Solar energy solutions provider REC Group has agreed to supply 300MW photovoltaic panels to North American solar project developer Recurrent Energy for utility-scale power developments in California, US.

Both the companies have signed two agreements.

Under the agreed terms, REC will supply its Peak Energy 72 Series solar panels from the first quarter of 2015 up to the second quarter of 2016 at a fixed price.

REC CEO Martin Cooper said: "With our successful push into the U.S. market, we have been able to build up an order book that significantly exceeds our 300 MW panel manufacturing expansion in 2015. Our expanded order book will allow for greater planning visibility and assist in further stabilizing our financial performance.

"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-scale developments cover the largest portion of solar power deployments in the US.

According to IHS, the new installations in the US utility-scale segment are expected to reach 4.1GW in 2015.

Over the past months, REC has signed 685MW of agreements for the US residential, commercial and utility-scale segments. The company is expected to deliver 532MW of panels in 2015.