REC broke a number of company records in Q4 last year and for the entire year of 2016 according to its latest Solar Market Insight report.
The company states it saw a 9% increase in annual panel shipments globally compared to its best year (2015), with more than 1.26 GW of solar modules shipped.
The final quarter of last year was one of the strongest quarters for sales volume in REC’s history – 349 MW; up 14% year over year and up 26% compared to Q3 2016.
53% of REC shipments in 2016 were to the Americas. Among the standout deliveries was the completion of panel shipments to a 257 MW solar farm in California – the largest installation featuring REC panels worldwide.
India, Australia and Japan were the main drivers in the Asia Pacific region, with sales growing by 50% in Q4 compared the previous quarter. REC says the 71MW shipped was second-best quarter ever for the company in APAC.
Elsewhere, REC doubled market share in Germany last year (13%) compared to 2015. Led by Germany, the UK and the Netherlands, REC states it shipped 406 MW of modules to the Europe, Middle East and Africa (EMEA) regions in 2016.
It was the best ever quarter for REC in EMEA in terms of sales volume; rising from 26% to 32% of REC’s total global shipments. EMEA accounted for 48% of shipments in Q4, with growth of 163% quarter-over-quarter.
“REC’s strong business result shows our ability to flexibly react to the diverse needs of customers around the world,” said REC CEO Steve O’Neil. “We have been around for a long time and we benefit from our deep know-how of the solar industry.”
By the end of last year, REC had produced more than 25 million panels over the course of the company’s history – representing 6.3 GW+ of capacity.
More from Q4/FY 2016 Solar Market Insight can be viewed here (PDF).
REC solar panels have been a popular choice for residential and commercial solar power systems in Australia since Energy Matters introduced the modules to the local market in 2010. A Tier 1 producer, REC’s modules offer more power per square metre than other polycrystalline panels due to their unique design.
Founded in Norway more than twenty years ago, REC has evolved into the largest European brand of solar panels.
