REC’s Q2 2015 Solar Insight: Corporate results and strategy, global market outlook

Munich August 3, 2015

REC, the largest European brand of solar panels, is today announcing its Q2 2015 solar market insight, including the company’s financial results, key achievements, strategic approaches, and global solar market elaborations.

REC’s key highlights:

Module revenues of USD 168 million, up 12% from Q1 2015
Module shipments of 130 MW to U.S., accounting for 50% of REC’s total sales in Q2 and up 44% from Q1
Module shipments of 45 MW to APAC, up 150% from Q1 2015
Successful balance of declining European markets, showing REC’s excellent global presence
Intersolar Award for new TwinPeak solar panel
New floating application for renowned Peak Energy Series
Elkem transaction closing announcement

According to REC, the global solar industry has a bright outlook, based on solar energy becoming more and more competitive worldwide. REC management expects annual global module installations to reach around 58 GW in 2015, an increase of 30% compared to 2014. China, Japan and U.S. are again projected to be the top three markets worldwide.

Based on further long-term supply agreements, REC has secured 818 MW of shipments into the U.S. in 2015 and 2016. Despite a planned reduction in tax incentives, REC experts anticipate a sunny industry outlook, especially in the residential and commercial segments.

REC forecasts more conservative market developments for 2015 and 2016 in Europe, especially after recently announced regulation changes in UK. Germany accounted for 50% of REC’s sales in Europe in Q2 2015 and with a market share of around 6.3% in H1 2015, REC continues to secure its strong position. To further balance its revenue markets, the company will seek to penetrate new regions in Africa.

In Thailand, REC has significantly increased its solar footprint by securing supply agreements of 35 MW. The country made 78% of REC’s total sales in APAC in Q2.

Steve O’Neil, CEO at REC, describes the company’s strategy: “The continuously declining PV system costs are one of several key drivers for the industry and REC will further ride the wave of growing demand. Besides expanding our module capacity to 1.3 GW and increasing average cell efficiency to 18.3% by the end of 2015, we are exploring new business models and expanding our product portfolio to even better penetrate the markets.”

A briefing of REC’s Q2 2015 Solar Insight is available here. The presentation includes statements and outlooks that are based on views of industry analysts as well as REC’s top management expertise and are subject to uncertainties.

For further information please contact:

Agnieszka Schulze
Public Relations Manager, REC
Leopoldstr. 175, 80804 Munich, Germany
Phone +49 89 54 04 67 225
Email agnieszka.schulze [at] recgroup.com

About REC:

REC is the largest European brand of solar panels, with more than 15 million high-quality panels produced at the end of 2014. With integrated manufacturing from polysilicon to wafers, cells, panels and turnkey solar solutions, REC strives to help meet the world’s growing energy needs. In partnership with a sales channel of distributors, installers, and EPCs, REC panels are installed globally. Founded in 1996, REC is a Bluestar Elkem company with headquarters in Norway and operational headquarters in Singapore. REC’s 1,800 employees worldwide generated revenues of USD 680 million in 2014.