REC Group and Sunrun Sign Solar Panel Supply Agreement as the Company Accelerates U.S. Market Push

OSLO, Norway and SAN FRANCISCO, August 21, 2014 €” REC Group, a leading global provider of solar energy solutions, announced today the signing of a supply agreement with Sunrun, the largest dedicated residential solar company in the United States, under which Sunrun will buy a minimum of 50 megawatts (MW) and up to 100 MW of REC's high-quality Peak Energy Series solar panels in 2015. The agreement also signifies REC Group's plans to further increase its footprint in the U.S.

'The U.S. will be an increasingly important market for REC,' said Martin Cooper, CEO of REC. 'With a combination of our flexibility to selectively dispatch our products across our global market network and ability to develop a new 72-cell production capacity, we have been able to quickly position ourselves well to take advantage of this opportunity. However, in the long term, the overall high-quality and reliability of our products remain the crucial factors for past and upcoming contracts.'

'Access to high quality, high performing panels is critical in our ability to give even more consumers the choice to buy cleaner, less expensive power and achieve our vision of creating a planet run by the sun,' said Paul Winnowski, Sunrun's chief operating officer. 'Our certified installers believe REC's high-performance PV panels are one of the best rooftop solar products available and the company's unwavering commitment to quality, strong financial position and trustworthy reputation make them an ideal partner for Sunrun.'

This latest contract follows REC's announcement of its 72-cell utility-scale panel product for the U.S. market and other supply agreements, which have contributed to REC doubling its U.S. order intake over the past 12 months.

'This partnership with an industry leader like Sunrun further demonstrates REC's commitment to the rapidly growing U.S. market,' said Arndt E. Lutz, senior vice president of REC Group and managing director of its North American business. 'The agreement bolsters our position as a competitively priced and trade-compliant supplier of bankable PV panels.'

REC is a global manufacturer of multicrystalline-silicon wafers, cells and solar panels. The Peak Energy Series panels are backed by the company's linear 25-year power output guarantee, and feature enhanced power production per square foot, robust and durable design, and easy installation.

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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For additional information please contact:

Agnieszka Schulze

Public Relations Manager, REC

Leopoldstr. 175, 80804 Munich, Germany

Phone: +49 89 54 04 67 225

Email: [email protected]

Kim Boman

Investor Relations, REC

Karenlyst Alle 51, Oslo, Norway

Phone: +47 959 63 912

Email: [email protected]


Media Contact:

Cameron Crowe

Account Director, Impress Labs

811 Sansome St., San Francisco CA

Phone: +1 415 735 8420

Email: [email protected]

Andrew J. Pontti

Corporate Communications Manager, Sunrun

595 Market St., San Francisco, CA

Phone: 415-580-6900 x6529

Email: [email protected]

Sunrun pioneered solar as a service, a way for homeowners to go solar without a significant upfront investment, and is the largest dedicated residential solar company in the U.S. Sunrun provides end-to-end service for homeowners to choose clean, solar energy and receive predictable pricing for solar energy for 20 years. The company designs, installs, finances, insures, monitors and maintains the solar panels on a homeowner's roof, while families pay just for the electricity at a lower rate than their current utility. Since Sunrun introduced solar as a service in 2007, it has become the preferred way for consumers to go solar in the nation’s top solar markets. For more information please visit: www.sunrun.com.