SolarCity Corp To Buy 100 MW Solar Panels From Norway’s REC

SolarcityBy BrokenSphere (Own work) [CC BY-SA 3.0 or GFDL], via Wikimedia Commons

SolarCity Corp (NASDAQ:SCTY) announced the purchase 100 megawatts worth of solar panels from Oslo’s REC Solar ASA last week. The solar company will start buying the panels in the last quarter of 2014 and will continue for up to 12 months. No detail were shared regarding the financial terms of the deal.

REC panels compatible

CEO Lyndon Rive of SolarCity reflected his fondness for the REC panels as they are compatible with the mounting system used by Zep Solar, a startup acquired by SolarCity Corp (NASDAQ:SCTY) last year. A technology licensing deal between the two companies was reached beginning this year.

The San Mateo-based company stated that REC panels are also fully compliant with all U.S. import regulations.

Tanguy Serra, SolarCity Corp (NASDAQ:SCTY)’s chief operations officer, said, “The availability of competitively priced, U.S. trade-compliant PV modules is an important development for the global solar industry.” Serra added that REC offers high performance modules with excellent resistance and degradation with a responsible environmental footprint.

REC is a major player in the manufacturing of wafers, cells and solar applications. Solar panels from the company come with a linear 25-year power output guarantee and offer increased power production per square foot, comfortable installation and enhanced durability, better performance in all sunlight conditions and an energy payback time of less than one year.

Arndt E. Lutz, REC Group’s senior vice president, said that the company is thrilled to enter into a deal with the SolarCity Corp (NASDAQ:SCTY), which means a greater presence in North America’s rooftop generation markets. Lutz said that company’s high quality, tariff free, bankable solar modules are ideal for the United States largest solar power company.

SolarCity trying new things

SolarCity Corp (NASDAQ:SCTY) is thriving in the rapidly increasing United States solar market. Installations will surge to as much as 900 MW to 1GW by 2015. The company is expecting to exceed one million solar rooftop installations by 2018.

Additionally, the company is trying new methods to cater the needs of potential customers, and is finalizing the plan it has developed with Groupon Inc to offer solar systems online. The attractive deal with Groupon will allow SolarCity Corp (NASDAQ:SCTY) to offer its products to a wide base of online customers. On the top of all this, the company has been enriching its database with the help of Home Depot stores since 2010 and select Best Buy Company, Inc. stores from March this year.

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About the Author

Aman Jain
Aman is MBA (Finance) with an experience on both Marketing and Finance side. He has worked as a Risk Analyst for AIR Worldwide, and is currently leading VeRa FinServ, a Financial Research firm. Favorite pastimes include watching science fiction movies, reviewing tech gadgets, playing PC games and cricket. - Email him at

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