OSLO, Norway and SAN MATEO, Calif., June 5, 2014 (GLOBE NEWSWIRE) -- SolarCity® (Nasdaq:SCTY) and REC Group, traded under the company name REC Solar ASA (Oslo:RECSOL), a leading global provider of energy solutions, today announced a supply agreement under which SolarCity will purchase a minimum of 100 MW and up to 240 MW of REC's high quality, high-performing Peak Energy solar panels during a 12 month period beginning in Q4 2014. SolarCity, the U.S.' largest solar power provider, plans to install the solar panels across its 15-state service territory. The solar panels are compatible with SolarCity's Zep Solar mounting system—REC and Zep Solar entered into a technology licensing agreement earlier this year.
"The availability of competitively priced, U.S. trade-compliant PV modules is an important development for the global solar industry," said Tanguy Serra, SolarCity's chief operations officer. "REC delivers high-performance modules with excellent resistance to degradation, all with a responsible environmental footprint."
REC is a leading manufacturer of wafers, cells and solar panels for solar applications. REC's solar panels are backed by its linear 25-year power output guarantee, and feature enhanced power production per square foot, robust and durable design, easy installation, optimized performance in all sunlight conditions, with a typical energy payback time of less than one year.
"REC Group is excited to partner with SolarCity, extending our presence in North America's rooftop generation markets," said Arndt E. Lutz, REC Group's senior vice president. "Our high quality, tariff-free, bankable solar modules are an excellent fit for the United States' largest solar power provider."
About REC Solar ASA
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 USD 647 million in 2013. For more information, visit www.recgroup.com.
About SolarCity
SolarCity® (Nasdaq:SCTY) provides clean energy. The company has disrupted the century-old energy industry by providing renewable electricity directly to homeowners, businesses and government organizations for less than they spend on utility bills. SolarCity gives customers control of their energy costs to protect them from rising rates. The company makes solar energy easy by taking care of everything from design and permitting to monitoring and maintenance. SolarCity currently serves 15 states and signs a new customer every two minutes. Visit the company online at www.solarcity.com and follow the company on Facebook & Twitter.
This release contains forward-looking statements including, but not limited to, statements regarding expected total megawatts supplied under the agreement and the timing of delivery. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward looking statements. You should read the section entitled "Risk Factors" in SolarCity's quarterly report on Form 10-Q, which has been filed with the Securities and Exchange Commission and identifies certain of these and additional risks and uncertainties. We do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.