REC, Sunrun ink panel supply deal

REC Group says it has signed a supply agreement for up to 100MW of solar panels with Sunrun, the third-party owner of distributed PV assets, part of a move to expand its US footprint.

REC did not make financial details public for the deal, which requires Sunrun to buy a minimum 50MW of solar panels.

"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," says Sunrun chief operating officer Paul Winnowski.

This latest contract follows REC announcement of its 72-cell utility-scale panel product for the US market and other supply agreements. The company claims it has doubled its US order intake over the past 12 months.

REC is a global manufacturer of multicrystalline-silicon wafers, cells and solar panels.

Privately held Sunrun in May raised an additional $150m in equity financing. Three months earlier Sunrun acquired REC Solar, a leading US rooftop PV installer, enabling it to become a more vertically integrated rooftop PV player.