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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