REC Solar's Q2 module revenues decline 4.5% y/y

Norway-based solar equipment maker REC Solar ASA (OSL:RECSOL) saw its module revenues decrease to USD 168 million (EUR 153m) in the second quarter of 2015 from USD 176 million a year back.

Still, the figure was up 12% from the first quarter of the year as US module shipments, which accounted for 50% of REC’s total sales, rose by 44% quarter-on-quarter to 130 MW.

The company, whose operational headquarters are in Singapore, also shipped 45 MW to the Asia-Pacific (APAC) region for a 150% quarter-on-quarter jump. Thai orders are the reason for that surge, representing 78% of the firm’s total Q2 sales in the region, REC noted.

The maker of solar wafers, cells and modules has secured 818 MW of shipments into the US this and next year, it added. In Europe, the firm projects “more conservative market developments” for 2015 and 2016.

REC Solar was acquired by Oslo-based silicon producer Elkem, part of chemicals group China National Bluestar, earlier this year. The solar company will be delisted from the Oslo Stock Exchange as part of a reorganisation within Elkem.

REC mentioned it expects annual global solar installations to increase by 30% on the year to 58 GW in 2015, with China, Japan and the US being the top three markets once again.

(USD 1.0 = EUR 0.912)

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