Solar — Regulatory Filings 2014

Aug 26, 2014

REC Solar ASA: REC Group Wins its Largest U.S. Utility-Scale Order to Date Totaling 85MW

REC Solar ASA: REC Group Wins its Largest U.S. Utility-Scale Order to Date Totaling 85MW

Oslo, Norway and SAN FRANCISCO, August 26, 2014 - REC Group, a leading global

provider of solar energy solutions, has signed solar panel supply agreements

totaling 85MW with a major U.S. engineering, procurement and construction (EPC)

company for utility-scale projects in the United States. The contracts mark the

first purchase orders for REC's Peak Energy 72-cell panel series, which was

introduced in July to meet the specific requirements in the U.S. utility and

large commercial markets. The solar panels shall be delivered to the EPC

customer from July 2015 until February 2016.

"REC has already doubled its U.S. order intake over the past 12 months, thanks

to the recent big wins with residential leaders SolarCity and Sunrun," said

Martin Cooper, CEO of REC Group. "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."

The utility segment accounts for the largest portion of solar installations in

the burgeoning U.S. market. GTM Research predicts that the segment will exceed

3 gigawatts (GW) of new installations in 2014 and increase to nearly 6 GW by

2016, with much of the growth expected to come from states such as Colorado,

North Carolina, Georgia and Texas.

"Signing these substantial agreements less than two months after the

announcement of REC's 72-cell, 1000-volt panel offering confirms the strong

demand for our high-quality, duty-free products in all market segments from

residential to utility scale," said Arndt E. Lutz, Senior VP, North America &

Carribbean, REC Group. "Based on our discussions with several large EPC firms

and developers in the U.S., we believe that our order pipeline in the U.S. will

continue to increase"

For further information, please contact:

Kim Boman

Investor Relations, REC

Karenlyst Alle 51, Oslo, Norway

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.

Headquartered in Norway, the company is traded under the name REC Solar ASA 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.

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