REC Solar increases shipments by 100MW in Q3 as sales reach record

November 6, 2015
Facebook
Twitter
LinkedIn
Reddit
Email
Demand from the US is accounting for 60% of sales

Integrated PV module manufacturer REC Solar has said its third quarter revenue reached a new record of US$234 million and module shipments jumped 100MW to 361MW. 

REC Solar has been ramping new capacity in 2015 as it remains running at full-capacity as demand from the US is accounting for 60% of sales with key customers such as SolarCity, the largest US residential installer. 

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

Revenue was said to be up 39% compared to the second quarter of 2015.

REC Solar has said its third quarter revenue reached a new record of US$234 million

Steve O’Neil, CEO at REC said: “We are extremely proud on this record quarter, demonstrating our sustainable and profitable growth, quarter after quarter. Continuously declining PV system costs are one of several key drivers for the industry. We are also expecting a strong agreement at the UN Climate Change conference, reflecting the ambitious targets on emissions and renewable energies set by around 150 countries worldwide in advance. This should further increase solar’s momentum, which we will continue to leverage. Besides expanding our module capacity to 1.7 GW by end of 2016, we are exploring new business models and penetrating new emerging markets.”

REC Solar noted that it was increasing its footprint in Middle East and new regions in Africa, having recently signed a cooperation agreement with O Capital, a fully owned subsidiary of Orascom Telecom Media and Technology Holding in Egypt. 

According to analysis by PV Tech, REC Solar had module shipments of 871MW in the first nine months of 2015 and is on target to exceed 1.2GW by year end.

The company is privately held and reported financial figures are produced by the company.

Read Next

Sponsored
October 22, 2025
LONGi vice president Dennis She discusses the value logic behind the company's strategic focus on back contact technology.
October 22, 2025
US thin-film manufacturer First has revealed another transfer of its 45X manufacturing tax credits in a deal worth around US$750 million.
October 20, 2025
Details of tariffs on US imports of polysilicon products may be announced as early as the end of this month, according to a note from investment bank Roth Capital.
October 16, 2025
US utility-scale solar additions grew by 56% in 2024, reaching 30GW from 2023’s 19GW and representing over 54% of all new electricity generation capacity added in the country last year.
October 15, 2025
Independent power producer (IPP) Geronimo has begun construction on it’s150MW solar project in Illinois and commissioned the 125MW PV project in Michigan.
October 15, 2025
Indian module manufacturer Saatvik Green Energy, through its subsidiary Saatvik Solar Industries, has secured solar PV module orders worth INR6.89 billion (US$78 million).

Subscribe to Newsletter

Upcoming Events

Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK
Solar Media Events
March 10, 2026
Frankfurt, Germany