REC Inks 100MW Solar Panel Supply Deal

REC Solar ASA last week signed an agreement to supply 100MW of its solar panels to SolarCity, with an option to increase to 240MW.

SolarCity plans to install the Peak Energy solar panels across its 15-state service territory in the USA.

“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.”

The cells in REC solar panels have a low carbon footprint; partly due to the use of a fluidised bed reactor silicon production process that consumes 80 to 90 percent less energy than traditional methods. This give the modules an energy payback time of just 12 months, far shorter than many other brands.

Peak Energy modules have also survived potential-induced degradation (PID) resistance testing, which is designed to damage panels. REC offers a 25-year linear power output warranty and a product warranty of 10 years. At least 97% of rated output is guaranteed during the first year and then a maximum 0.7% reduction of power output per year from year 2-25.

The panels have been a popular choice in Australian home solar installations since local provider Energy Matters introduced the brand to the residential market in mid-2010. Shortly afterwards, Energy Matters entered into an agreement for the purchase of 20 megawatts of REC Peak Energy modules, which was one of the largest single solar panel supply agreements in Australian history at the time.

REC is headquartered in Norway and listed on the Oslo Stock Exchange (ticker: RECSOL). The company generated revenues of USD 647 million in 2013.

REC was recently a winner at the 2014 IAIR Awards, in the category “Best Company for Sustainability Solar Energy Solutions Global”. REC also received a 2010 Solar Industry Award in the category of Module Manufacturing Innovation.