Key highlights
  • REC has signed several major long term contracts in the US residential and utility market

  • Module revenues of USD 149.1 million, down 9.3% from Q2 2014 due mainly to the seasonal slowdown in Europe

  • Module EBITDA of USD 15.1 million at 10.1% of revenue in line with company expectations. Module EBITDA 30% lower than last quarter as Q2 included exceptional receipts

  • 248 MW of module production, up 7.1% from Q2 2014

  • Solar panel cash cost down USD ~1 cents/Wp from Q2 2014  (excluding exceptional items)

  • REC's sales price for solar panels down with 2.2% from Q2 2014

Martin Cooper, CEO of REC Solar ASA said: "REC's third quarter 2014 was impacted by a seasonal slowdown in Europe, softer market conditions in Japan and high activity level in the US market. Currency movements are increasingly impacting the relative attractiveness of our key markets.

Our recent product launch of Peak Energy 72 cell and Peak Energy Z-Link series has resulted in the closing of several major contracts in the US market, in particular with Recurrent Energy, SolarCity and SunRun. We have also launched our Twin Peak series which is targeting the residential and commercial market.

Our furnace upgrade and module expansion is progressing according to plan and we retain strong focus on reducing our solar panel cash costs/Wp. We are confident that we will be able to continue to reduce costs and develop our product offering over the coming years and retain our competitiveness."

For more information, please see the attached third quarter 2014 report.

Morning program:

A presentation is scheduled the same day at 8:00 am CET at Pareto Securities' office on the 8th floor in Dronning Mauds gate 3, 0110 Oslo, Norway.

The event will be webcasted live and available for replay shortly after. To watch the webcast over the internet, please visit REC's web site, www.recgroup.com,at least 10 minutes early to register and to download and install any necessary software.

The presentation, held in English, will be broadcasted live over the internet, and can be accessed from: www.recgroup.com.

The earnings release concerning the third quarter 2014 results and a corresponding slide presentation will be posted on www.newsweb.no and on REC Solar's web site www.recgroup.com.

For further information, please contact:

Kim Boman
Investor Relations
Telephone: +47 959 63 912
Email: kim.boman@recgroup.com

About REC Solar ASA
REC Solar ASA 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 Solar ASA is headquartered in Norway and listed on the Oslo Stock Exchange (ticker: RECSOL). Our 1,700 employees worldwide generated revenues of USD 647 million in 2013

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.


Attachments:
Q3 2014 presentation
Q3 2014 report
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