REC Solar eyes regional expansion as revenues soar

 Norway-based solar equipment maker REC Solar is looking to penetrate further into the Middle East and North Africa with its third quarter revenues for 2015 reaching a record high of $234.
The revenues represent a 39 per cent increase from what the company earned in the previous quarter.
REC solar considers the Middle East a key market, where demand for solar energy is witnessing an unprecedented rise as the push for renewable energy gains momentum.
It also seeks to penetrate new regions in Africa, having recently signed a cooperation agreement with a unit of Orascom in Egypt, while beefing up its business in Southeast Asia as a turnkey solutions provider.
“Besides expanding our module capacity to 1.7 GW by end of 2016, we are exploring new business models and penetrating new emerging markets,” said chief executive Steve O’Neil.
The company, which has an integrated production facility in Singapore, also made record module sales in the quarter, at 361 MW, according to SeeNews. It sold 207 MW of modules in the US, marking an increase of 59% from the preceding quarter and accounting for almost 60% of the total volume.
REC Solar said that in spite of slow markets in Europe, it lifted its sales in the region by 55% quarter-on-quarter to 82 MW. The company has secured supply contracts for 34 MW in Thailand in the quarter, contributing to 45 MW of sales in the Asia-Pacific (APAC) region.
The company said it expected global module installations to reach 59 GW in 2015, up by 33% from 2014, and 65 GW in 2016, driven by the US and China. It also expects a strong agreement at the upcoming UN Climate Change conference in Paris, which could be a further boost to solar.
REC Solar was acquired by Oslo-based silicon producer Elkem, part of chemicals group China National Bluestar, earlier this year.