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SolarWorld partners with REC Solar to spur commercial project development

Program includes financing, procurement and project support for SolarWorld installers

HILLSBORO, Ore., Sept. 7, 2016 –  SolarWorld, the largest U.S. crystalline-silicon solar technology manufacturer for more than 40 years, is partnering with REC Solar, a California-based leading provider of commercial solar and energy solutions, to provide financing, procurement and other services for SolarWorld installers developing commercial projects. The partnership program is designed to accelerate development of commercial projects of between 50 kilowatts and 2 megawatts by streamlining credit underwriting, contracting, procurement and financing processes that typically have slowed development in the segment.

Through the program, qualified SolarWorld installers will have access to project financing from REC Solar’s fund of $225 million, guaranteed by REC majority-owner Duke Energy, in California, Hawaii and the Northeast (Maryland, Massachusetts, New Jersey and New York).  The partnership builds on existing supply relationships between SolarWorld, and both REC Solar and Duke Energy by giving SolarWorld installers direct access to REC Solar’s commercial power purchase agreement (PPA).

Program benefits also include:

  • Origination and proposal support to simplify and expedite deal closures.
  • Project-management services to keep projects moving on time and within budget.
  • Discounted procurement to ensure cost-competitive purchasing that includes SolarWorld solar panels.
  • Fast-track credit underwriting that takes hours, instead of weeks.
  • Online and on-site training to guide installers in closing and completing commercial projects.

“SolarWorld and REC are industry leaders with a shared commitment to quality,” said Ryan Stepp, director of channel and partner sales for REC Solar.  “We are excited to be extending our relationship with SolarWorld and bringing the benefits of solar energy to more businesses across the U.S.”

Mukesh Dulani, U.S. president of SolarWorld, said the company is eager to work with REC Solar to ease the way for its installers to develop commercial projects, a segment that has proved challenging for many. “Together, we are resolved to help our installation partners enjoy access to the widest possible range of projects while saving them time and reducing their costs,” Dulani said.

For more information, interested commercial installers can email SWFS@SolarWorld.com or visit the SolarWorld booth at Solar Power International from Sept. 12 to 15 in Las Vegas.


About SolarWorld REAL VALUE

SolarWorld Americas Inc., the largest U.S. crystalline-silicon solar manufacturer for more than 42 years, produces and sells high-tech solar power solutions and, in doing so, contributes to a cleaner energy supply throughout the Americas. The company maintains 430 megawatts of annual capacity to produce solar cells and 550 MW of capacity to manufacture solar modules.  The company’s brand stands for a proven track record of quality and reliability, and SolarWorld is the only producer whose industrial lineage has outlived its products’ 25- and 30-year performance guarantees. SolarWorld upholds high social standards and commits itself to resource- and energy-efficient production. With its program Solar2World, the company supports the expansion of solar power in developing countries in Latin America. Connect with SolarWorld on Facebook, Twitter, LinkedIn, Instagram and www.solarworld-usa.com.

Media Contact

Ben Santarris
Head of Corporate Communications
SolarWorld Americas Inc.
4050 NE Evergreen Road
Portland, OR 97124
Mobile: 503-927-9858
Office: 503-693-5189
ben.santarris(at)solarworldusa.com

About REC

REC is the only renewable energy provider focused exclusively on businesses and backed by Duke Energy, one of the largest energy companies in the world. Incorporating experience from more than 500 successful commercial solar installations over 19 years, REC Solar tailors financing and technology solutions to immediately deliver bottom line savings. REC Solar makes commercial solar simple, working seamlessly with customer operations to deliver clean energy for decades. For more, visit RECSolar.com or call 844-REC-SOLAR (844-732-7652).