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REC supplies 10 MW for two solar power plant installations in India

Munich – January 31, 2013: REC, the largest European supplier of solar panels, announced that it was the exclusive supplier of high-performance solar panels for two five MW solar power plants in the region of Gujarat, India, known as the ‘solar energy hub’.

“The historic blackout in India in late July 2012 identified the main problems of energy supply in India: a strong focus on fossil fuels and the centralized grid,” explained Luc Graré, Senior Vice President Solar Sales and Marketing, REC. “Renewable energy, especially solar electricity solutions, are needed to power India’s future because solar energy is available when needed – during peak hours.”

The cost of a unit power from an off-grid solar system (Euro 0.14 - Euro 0.16 per kWh) in comparison with diesel generators (Euro 0.23 – Euro 0.25 per kwh) makes solar an increasingly attractive electricity solution. Additionally, the Indian government has outlined its strategy to install 10 GW by 2017 through mostly utility-scale projects. Using a bottom-up analysis, REC expects a strong growth in the region of 1.6 to 1.8 GW in the Indian market for 2013; about 30 percent thereof from market segments based on grid parity, such as “diesel replacement”.

For the projects REC delivered 21,520 of its REC Peak Energy solar panels to the project developer Euro Solar Power Private Limited and an additional 20,480 solar panels to Aatash Power Pvt. Ltd. Each of the two solar power plants covers an area of 8.1 hectares and produces eight million kWh of clean, green energy each year. This corresponds over to 4,500 tons of CO2 emissions saved every year for each of the plants.

"REC is the most reliable producer of high quality solar electricity and offers guaranteed performance due to its technical superiority," affirmed Akbar Shamji, Director, Euro Solar Power Private Limited. "As a result, we are confident that the solar plants we build will reliably maximize our return on investment while generating clean, renewable power for India."

"REC is a trusted supplier with the most efficient and reliable solar technology available on the market today,” said Jinofer Bhujwala, Chairman, Aatash Power Pvt. Ltd. “We look forward to collaborating with them in the future.

Luc Graré added: "We are pleased to be selected as panel supplier of choice by Euro Solar Power Private Limited and Aatash Power Pvt. Ltd and to establish a reliable partnership with them in India as we continue to expand in the Indian market.”

Committed to sustainability, REC’s Peak Energy solar panels have an industry leading energy payback time of one year.

For further information please contact:
Anja Hesse
Public Relations Specialist, REC Solar Sales and Marketing GmbH
Leopoldstr. 175, 80804 Munich, Germany
Phone: +49 89 442 3859 70
Email: anja.hesse@recgroup.com

About REC:

REC is a leading global provider of solar electricity solutions. With nearly two decades of expertise, we offer sustainable, high-performing products, services and investment opportunities for the solar and electronics industries. Together with our partners, we create value by providing solutions that better meet the world's growing electricity needs. Our 2,400 employees worldwide generated revenues of more than NOK 13 billion in 2011, approximately EUR 1.7 billion or USD 2.4 billion. 

To see more of what REC can offer, visit www.recgroup.com