REC signs multiple contracts to supply 20 MW in Bulgaria, increasing market share to 15 percent

Renewable Energy Corporation (REC) returned from SEE Solar with multiple signed agreements to supply 20 MW of modules for solar power plant installations throughout Bulgaria.

Munich - May 2 2012: REC signed a deal for 10 MW with ALMA-D Ltd. that involves six different project developers in which ALMA-D holds stake. Based in the Bulgarian capital of Sofia, ALMA-D will use REC 240 W Peak Energy modules to build a 6 MW plant in Kamenar and a separate 4 MW plant in Kameno – both near the Black Sea in Bulgaria.

“We are very pleased to sign this deal with ALMA-D Ltd. in Bulgaria – an important and growing solar energy market,” said Luc GrarĂ©, Senior Vice President, Sales and Marketing, Cells and Modules, REC.  “The company’s involvement in various energy projects creates new and increased opportunities for REC in Bulgaria as well as in other emerging markets.”

REC then signed three separate contracts with local Bulgarian partner Elektro-Solar Systems Ltd. – for 2, 3 and 5 MW. The 2 MW project (named “Kosharevo”) and 3MW (named “Voinikovo”) will both use REC 240 W Peak Energy Modules. “Pop Gruevo” is the name of the 5 MW project, which will use REC 235 W Peak Energy modules. Elektro-Solar will be the EPC (Engineering, Procurement, and Construction) Contractor for all three projects.

“REC is a very professional partner with reliable high-performance modules and an efficient team on board”, said Mr. Kostov of Elektro-Solar Systems Ltd.

All three projects will be built in the second quarter of 2012– securing the necessary feed-in tariff incentives from the Bulgarian State Energy and Water Regulation Commission.

Together with Elektro-Solar Systems Ltd., REC has won several projects in Bulgaria. These latest contracts bring the total amount of REC modules installed in Bulgaria to 50 MW – increasing REC’s share in Bulgaria’s solar energy market to 15%.

For further information, please contact:
Heather Clark, Director, Marketing Communications, REC Solar
T:  +47 95150324