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REC Inks Solar Power Purchase Deal With Stolthaven Singapore, the first-of-its-kind in the bulk-liquid transportation, storage and distribution industry

Singapore April 21, 2015
REC, a leading global provider of solar energy solutions, has inked an agreement with Stolthaven Singapore, one of 20 bulk-liquid terminals operated by Stolt-Nielsen Limited, a leading global provider of integrated transportation, storage and distribution solutions for chemicals and other bulk-liquid products. The contract is the first-of-its-kind for the bulk-liquid transportation, storage and distribution industry in Singapore.

Under the terms of the agreement, the 187 kilowatt peak (kWp) rooftop photovoltaic (PV) installation will feature close to 700 REC TwinPeak Series panels. This agreement marks the first time that the new REC TwinPeak Series product line has been selected for a rooftop project in Singapore. These made-in-Singapore solar panels serve to meet the growing demand for eco-friendly rooftop systems that work in conjunction with solar panel installations.

As a leading global solar energy solutions provider, REC is nimble in responding to industry needs and offering tailored solutions as solar energy developments gain momentum in Singapore and the rest of the world. Since last October, REC has been offering local commercial and industrial businesses with the option of a Power Purchase Agreement (PPA). Under a PPA model, REC will absorb the investment and maintenance costs of installing solar systems on rooftops. Building owners only need to pay for the consumed solar energy generated from their roofs. The pricing for the generated energy will be set at an agreed rate that is fixed for the next 25 years. This offers a stable and predictable energy cost in the long term. Furthermore, a solar installation can offset thousands of tons of carbon dioxide and improve the building’s Green Mark ranking.

Mr. Steve O’Neil, Chief Executive Officer of REC said, “As a leading global provider of solar energy solutions, REC is at the cutting edge to leverage the potential of solar energy in Singapore and Southeast Asia. As part of our business strategy, we are not only expanding our production capacity in Singapore to 1.3 GW and increasing our solar footprint in this booming region, but are also offering new financial solutions to further tap on solar’s potential. Selling power directly to businesses and industries dovetails with our strategy. We are delighted that Stolthaven has chosen REC as their solar energy solutions partner.”

“Stolt-Nielsen Limited is committed to operating in a manner that is safe for both people and the environment,” said Guy Bessant, President of Stolthaven Terminals. “This solution provides us with cost effective access to power generated in an environmentally friendly manner, which is consistent with our goals as a socially responsible business.”


For further information please contact:

Jacqueline Wong
Corporate Communications Manager, REC
Phone: +65 6495 9063
Email: jacqueline.wong [at]

About REC:

REC is a leading global provider of solar energy solutions. With more than 15 years of experience, we offer sustainable, high performing products, services and investments for the solar industry. Together with our partners, we create value by providing solutions that better meet the world’s growing energy needs. REC is headquartered in Norway and listed on the Oslo Stock Exchange (ticker: RECSOL). Our 1,800 employees worldwide generated revenues of USD 680 million in 2014.

Find out more about REC at


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