Rec Solar and Solarcity increase OEM solar panel supply agreement to 200+ megawatts

Oslo, Norway - Rec Group has made an amendment to its OEM supply agreement with Solarcity originally announced in June 2014.

Under the terms of the expanded deal, Solarcity is expected to purchase 220 megawatts (MW) of REC's high-quality, high-performing Peak Energy solar panels at a fixed price. The delivery of the solar panels will run from the end of Q3 2014 until Q4 2015.

"Our original panel supply contract with Solarcity called for a minimum of 100 MW with an option for up to 240 MW over the course of the year, so the rapid adoption of the increased volume demonstrates the successful start of the relationship between the two companies," said Arndt E. Lutz, senior vice president of REC Group and managing director of its North American business. "We pride ourselves on quality, reliability and integrity, which are reflected in REC's manufacturing and product excellence as well as the way we conduct business."

The amended SolarCity deal is the latest in REC's recent string of major panel supply agreements for the U.S. market. REC has signed agreements of 385 MW for the US residential, commercial and utility segments of which 313 MW is expected to be delivered in 2015. This represents 26% of REC's expected 1.2 GW production next year.

Source: IWR Online, 10 Oct 2014