Solar — Regulatory Filings 2014

Oct 9, 2014

REC Solar ASA: REC Group and SolarCity Increase OEM Solar Panel Supply Agreement to 200+ Megawatts

REC Solar ASA: REC Group and SolarCity Increase OEM Solar Panel Supply Agreement to 200+ Megawatts

Oslo, Norway, October 10, 2014 - REC Group (Oslo Stock Exchange: RECSOL), a

leading global provider of solar energy solutions has made an amendment to its

OEM supply agreement with SolarCity originally announced in June 2014. Under the

terms of the expanded deal, SolarCity is expected to purchase 220 megawatts (MW)

of REC's high-quality, high-performing Peak Energy solar panels at a fixed

price. The delivery of the solar panels will run from the end of Q3 2014 until

Q4 2015.

"Our original panel supply contract with SolarCity called for a minimum of 100

MW with an option for up to 240 MW over the course of the year, so the rapid

adoption of the increased volume demonstrates the successful start of the

relationship between the two companies," said Arndt E. Lutz, senior vice

president of REC Group and managing director of its North American business. "We

pride ourselves on quality, reliability and integrity, which are reflected in

REC's manufacturing and product excellence as well as the way we conduct

business."

The amended SolarCity deal is the latest in REC's recent string of major panel

supply agreements for the U.S. market. REC has signed agreements of 385 MW for

the US residential, commercial and utility segments of which 313 MW is expected

to be delivered in 2015. This represents 26% 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 1,600 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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