Solar — Regulatory Filings 2014

Oct 23, 2014

REC Solar ASA: REC Group closes 300 Megawatt (MW) supply agreements

REC Solar ASA: REC Group closes 300 Megawatt (MW) supply agreements

Oslo, Norway, October 23, 2014 - REC Group (Oslo Stock Exchange: RECSOL)

("REC"), a leading global provider of solar energy solutions, has closed two

supply agreements with Recurrent Energy, LLC ("Recurrent Energy"), a leading

North American solar project developer, for the supply of an aggregate of 300 MW

photovoltaic panels for utility-scale developments in California. REC will

supply the recently introduced Peak Energy 72 Series panels from Q1 2015 until

Q2 2016 at a fixed price.

The utility-scale segment accounts for the largest portion of solar

installations in the U.S. market. IHS expects that new installations in the US

utility-scale segment will constitute 4.1 GW in 2015.

"With our successful push into the U.S. market, we have been able to build up an

order book that significantly exceeds our 300 MW panel manufacturing expansion

in 2015. Our expanded order book will allow for greater planning visibility and

assist in further stabilizing our financial performance. With our new 72-cell

product, we are seizing opportunities in the U.S. large commercial and utility

markets and are demonstrating significant growth in line with our expectations,"

said Martin Cooper, CEO of REC Group.

These agreements with Recurrent Energy are the latest in REC's recent string of

major photovoltaic panel supply agreements for the U.S. market. REC has over the

past months signed agreements of 685 MW for the U.S. residential, commercial and

utility-scale segments of which ~532 MW is expected to be delivered in 2015.

This represents 44% of REC's expected 1.2 GW production next year.

For further information please contact:

Arndt E. Lutz

Senior VP, REC Group North America

Telephone: +1 877 332 4087 (US) / + 1917 318 8044 (non-US)

E-mail: Arndt.lutz@recgroup.com

Kim Boman

Investor Relations, REC

Phone: +47 959 63 912

Email: kim.boman@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 US $647 million in

2013. For more information, visit www.recgroup.com

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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