Solar — M&A Activity 2015

Feb 25, 2015

REC Solar ASA : REC Group and Sunrun Increase Solar Panel Supply Agreement to 100 Megawatts

REC Solar ASA : REC Group and Sunrun Increase Solar Panel Supply Agreement to 100 Megawatts

OSLO, Norway, February 25, 2015 - REC Group (Oslo Stock Exchange: RECSOL), a

leading global provider of solar energy solutions, and Sunrun, the largest

dedicated residential solar company in the United States, has expanded their

supply agreement signed in August 2014. Under the terms of the deal, Sunrun will

purchase 100 megawatts (MW) of REC's high-quality, high-performing Peak Energy

solar panels, with deliveries scheduled throughout 2015.

"Our original panel supply contract with Sunrun called for a minimum of 50 MW,

with an option for up to 100 MW, so this doubling of volume underscores the

solid relationship between the two companies and our position in the U.S.

residential market," said Arndt E. Lutz, senior vice president of REC Group and

managing director of its North American business. "Customers like Sunrun

understand the value of REC's high standards of quality, reliability and

integrity inherent in our products and the way we do business."

"REC is committed to consistently delivering volume quantities of its high

quality panels," said Paul Winnowski, chief operating officer of Sunrun. "This

enables Sunrun to provide consumers with the best and most reliable solar panels

on the market for their home solar system. Our decision to strengthen our

partnership reflects the confidence we have and that our qualified installers

have in REC's high-performance rooftop solar products today and in the future."

The amended Sunrun agreement is the latest in REC's string of major panel supply

agreements and installations in the U.S. market. REC has signed 703 MW of long-

term supply agreements for the residential, commercial, and utility segments in

the U.S. market since May 2014. REC is expanding its production capacity to 1.3

gigawatts at its state-of-the-art, vertically integrated Singapore manufacturing

facility.

For further information, please contact:

Kim Boman

Investor Relations, REC

Phone: +47 959 63 912

Email: kim.boman@recgroup.com

Agnieszka Schulze

Public Relations Manager, REC

Leopoldstr. 175, 80804 Munich, Germany

Phone: +49 89 54 04 67 225

Email: agnieszka.schulze@recgroup.com

About REC Group

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 1,700 employees worldwide generated revenues of  USD 680 million in

2014. For more information, visit www.recgroup.com.

About Sunrun

Sunrun pioneered solar as a service, a way for homeowners to go solar without

high upfront cost, and is the largest dedicated residential solar company in the

U.S. Sunrun provides end-to-end service for homeowners to choose cleaner,

cheaper solar energy and fix their electric costs for 20 years. The company

designs, installs, finances, insures, monitors and maintains the solar panels on

a homeowner's roof, while families pay just for the electricity at a lower rate

than their current utility. Since Sunrun introduced solar service in 2007, it

has become the preferred way for consumers to go solar in the nation's top solar

markets. For more information, please visit: www.sunrun.com.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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