REC has reported substantial year-on-year growth during the first quarter of this year in relation to shipments of its modules.
Earlier this week, REC released its Q1 2016 Solar Market Insight report. It states the company experienced year-on-year Q1 growth of 37% for shipments of REC solar panels, mainly due to activity in the USA.
US shipments accounted for almost 60% and represented double the volume of the first quarter of 2015. REC says it currently ranks as the second largest module supplier to the US residential market; a market that looks set to continue growing thanks to the investment tax credit extension.
REC reports steady sales in all other markets, which includes Australia, where Peak Energy Series have been a popular choice in high performance solar power systems and form the basis of Energy Matters’ Platinum range of solar packages.
As well as healthy shipments, the March 2016 “Altman Z” rankings of financial health and bankability ranked REC number one among all solar PV manufacturers globally.
In its report, REC has also presented estimates of global solar PV deployment required to meet COP 21 goals.
“To limit temperature increases to 1.5ºC and to prevent the cumulative negative impact of emissions in later years, CO2 emissions need to be reduced by 144 Gt by 2025,” says Steve O’Neil, CEO at REC.
“REC has also investigated necessary individual country contributions, estimating the new solar capacities that will be required above the actually forecasted capacities under current policies. The results are eye-opening.”
REC estimates cumulative solar PV installations of 790 GW are required by 2025 – 4 times the current forecast.
Based on substituting coal and nuclear power generation capacities with ~30% solar PV and ~70% wind ; the ramp-up will require an average of 8.31 GW of solar capacity in addition to the current forecast. Each year, an average 9.71 GW of wind capacity in addition to the current forecast will be required.
The full REC Q1 2016 Solar Market Insight report can be viewed here (PDF).
Founded in Norway in 1996, REC has produced more than 20 million solar panels. The company has 1.3 GW solar panel production capacity, and annual revenues of USD 755 million.
News item provided courtesy of Energy Matters Australia
