REC Group and Sunrun Sign 120 MW Supply Agreement, Marks REC's Largest TwinPeak Series Solar Panel Deal to Date

REC Group, a leading global provider of solar energy solutions, and Sunrun, the largest dedicated residential solar company in the United States, have signed a strategic solar module supply agreement. Under the terms of the deal, Sunrun will buy a minimum of 120 megawatts (MW) and up to 150 MW of high quality REC TwinPeak Series photovoltaic (PV) panels in 2016.
The new agreement marks by far the largest single order of REC TwinPeak Series panels to date and builds on the supply agreement signed by the companies in 2014, which has provided Sunrun and its certified partner network with approximately 100 MW of REC products throughout 2015.
“The latest agreement with Sunrun continues REC Group’s U.S. market momentum. Our ongoing partnership with an industry leader like Sunrun underscores the confidence that installers have with REC’s track record of quality, performance, and corporate integrity,” said Zony Chen, vice president of global market intelligence and U.S. business development at REC Group. “Because of strong customer interest in REC’s award-winning TwinPeak Series panels, we are ramping additional production capacity at our Singapore manufacturing facility to meet the growing demand.”
“Our agreement with REC will enable Sunrun to continue providing clean, affordable solar power to more families across the country and to our network of certified partners in the coming year,” said Paul Winnowski, chief operating officer of Sunrun. “Using high-quality and reliable panels in home solar projects is an important part of creating a great customer experience and we’re pleased to be working with a reputable partner like REC Group.”
REC Group enjoyed record quarterly revenues of $234 million and all-time high module sales of 361 MW during its recently completed third quarter. The United States continues to be the company’s strongest market, with ~200 MW or nearly 60% of REC’s total PV panel sales in Q3 2015 coming from customers in the U.S. The Sunrun supply agreement is the latest of several long-term U.S. residential, commercial and utility supply agreements signed by REC Group since 2014. Even with a potential stepdown of the Federal Investment Tax Credit (ITC) from 30% to 10% in January 2017, REC strongly believes the U.S. solar market will continue to grow significantly, particularly in the residential and commercial sectors.
REC TwinPeak Series panels are rated up to 280 watt peak (Wp) and are well suited for a wide range of rooftop solar applications. The advanced panel design — which integrates 120 half-cut multicrystalline cells, four busbars, passivated emitter rear cell (PERC) technology, and a split junction box — offers enhanced reliability and performance, reduced heat build-up and resistive losses, and increased light absorption, fill factor and efficiency. The REC TwinPeak Series is 100 percent free from potential induced degradation (PID), avoiding power losses in harsh conditions and environments.
Since 2007, Sunrun has made going solar simple for homeowners by customizing their solar system for their home and lifestyle. The company recently surpassed 100,000 home solar customers who have collectively saved more than $100 million on their electricity bills. Through its solar as a service model, Sunrun makes it simple and accessible for consumers to learn about and get solar for their home – whether online, over the phone, in retail environments or even at professional baseball games.
REC Group