REC Group’s H1/2018 Module Production Up 39%

Spurred By Over 183% YoY Growth In France & More Than 115% In Belgium, REC Group Grew Shipments In H1/2018 By 23%
06:40 AM (Beijing Time) - 20. August 2018
REC H1-2018 1

Barring cells, REC Group says production output in each step of the value chain registered growth during H1/2018, compared to a year back. It was down in cells because of line upgrades and line conversion. (Source: REC Group)

Key Takeaways

  • REC Group shipped 23% more in H1/2018 with EMEA and Americas region claiming equal and most shipments during the reporting period
  • Germany, France, Netherlands, Turkey and Belgium were top performing markets for the company
  • Shipments to APAC region were led by India, Japan, Thailand, Australia and Singapore
  • Module production grew 39% to 727 MW in the first half of 2018, compared to 522 MW in H1/2017
  • REC is positive about global outlook in the face of reduced demand from China with declining PV costs and Europe increasing its renewable energy target

Technology improvement and innovation was the highlight for Norway headquartered vertically integrated PV panel producer REC Group during the first six months of 2018. It was in June 2018 that the company launched what is claims the first solar panel that combines mono n-type half-cut cells with a twin-panel design. REC started production of this 60-cell module with power ratings of up to 330 W at its Industry 4.0 cell building of its Singapore based factory.

This cell building was created specially for the N-Peak product within the vertically integrated module factory in Singapore. It is highly automated and reduces human exertions in the production process.

Shipments up in H1

The management says there was an upsurge in customer demand during the first six months of 2018 with an increase of 83%. REC Group’s shipments in the reporting period grew 23% YoY with equal shipments going to Europe Middle East Africa (EMEA) and Americas region. It didn’t quantify the shipments though. Its top five markets in the EMEA region were Germany, France, Netherlands, Turkey and Belgium. France is where it had over 183% growth from last year, along with more than 115% growth in Belgium.

India, Japan, Australia, Thailand and Singapore were top performing markets for the Bluestar Elkem owned company in the Asia Pacific region.

Most of its module shipments, 42%, were used for commercial and industrial (C&I) establishments, followed by residential with 32% and utility scale solar with 26%.

In Q4/2017, REC shipped 413 MW and counted it as its best shipment quarter ever (see EMEA Spurs Strong Sales For REC In 2017).

REC Group hasn’t specified its shipments in terms of MWs during H1/2018, but it says these grew 23% over previous year. (Source: REC Group)
REC Group hasn’t specified its shipments in terms of MWs during H1/2018, but it says these grew 23% over previous year. (Source: REC Group)

Production up

There was a 39% uptick in the module production department to 727 MW over previous H1’s 522 MW. REC, which also produces wafers, plans to strengthen its silicon kerf recycling process to produce high-quality solar grade silicon. REC Solar Norway has received a grant approval from Enova, part of the Norwegian Ministry of Climate and Environment to demonstrate feasibility of mass production. Elkem owns a solar grade silicon factory in Norway

Outlook positive

REC Group has shared a positive market outlook, despite the bad market news from China. It expects PV demand to grow in more than 30 countries, especially its core markets marked due to declining PV costs and an increase of the renewable energy target in the  European Union. For the US market as well, it expects stability with 10 GW PV additions during 2018 and another 11 GW in 2019.


Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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Anu Bhambhani