Renewable Energy Corp.

REC continues to focus on strengthening its competitiveness through successful ramp-up of new production capacity and improving operational performance. To fully leverage the advantages of being an integrated solar energy company, it has been decided to consolidate REC Wafer and REC Solar, including all of REC's activities in Singapore, under one management, headed up by EVP REC Solar and Group COO, John Andersen, Jr. EVP REC Wafer Einar Kilde has decided to pursue international career opportunities outside REC.

REC Silicon has experienced a power supply outage with a 100 percent power loss and consequently all of REC Silicon's manufacturing facilities in Moses Lake, Washington, have been shut down.

According to Grant County Public Utility District (Grant County PUD), the entity responsible for power supply to the Moses Lake plant, the four hours outage was due to an equipment failure in Grant County PUD's systems serving REC Silicon amongst others.

Renewable Energy Corporation ASA (REC) reported revenue of NOK 2,758 million in the second quarter 2010, an increase of 17 percent from the first quarter 2010.

REC saw strong overall market demand for all products in the quarter. Operational performance improved in all divisions in the quarter and the ramp-up of the new integrated wafer, cell and module plant in Singapore is progressing well.

The time has never been better for consolidation in the solar energy industry, the head of Norway's Renewable Energy Corporation told Reuters on Tuesday.

"It (consolidation) could happen any time. Timing has never been better than now ... because there is such tremendous growth, there are so many participants in the market," REC Chief Executive Ole Enger said in an interview.

The subscription period in the rights issue in Renewable Energy Corporation ASA ("REC") expired at 17:30 (Oslo time) on May 20, 2010. The final results show that REC at the end of the subscription period had received subscriptions for a total of 540,459,919 new shares. 332,384,039 new shares were offered, and the rights issue was thus oversubscribed by approximately 62.6 percent.

An Extraordinary General Meeting of the shareholders of Renewable Energy Corporation ASA was held today, April 29, 2010, at 10:00 (Oslo time).

Further to the notice for Extraordinary General Meeting issued on April 6, 2010 and the release earlier today in which the final terms of the rights issue as proposed by the Board was announced, the Extraordinary General Meeting approved the Board's proposed resolution.

Primary insider Ole Enger (President & CEO of REC ASA) has today purchased 10,000 shares in Renewable Energy Corporation ASA at an average price of NOK 23,35 per share. After this transaction Mr. Enger and related parties holds 13,716 shares and 138,962 share options in the company.

About REC

The Board of Directors of Renewable Energy Corporation ASA has set the proposed terms of its fully underwritten rights issue, to be resolved by the Extraordinary General Meeting today, April 29, 2010:

• The share capital of REC will be increased by NOK 332,384,039 through an issue of 332,384,039 new shares
• The subscription price will be NOK 12.10 per share (representing a discount to the theoretical ex-rights price (TERP) of approximately 37.7 percent)
• The rights issue will result in gross proceeds to REC of approximately NOK 4,022 million

Renewable Energy Corporation ASA (REC) reported revenue of NOK 2,360 million in the first quarter 2010, an increase of 22 percent the first quarter 2009.

Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to NOK 415 million in the first quarter 2010, compared to NOK 510 million in the first quarter 2009. The EBITDA margin thus declined to 18 percent from 26 percent in the first quarter 2009.

REC, Evergreen and Q-Cells have completed the sale of Sovello AG to Ventizz Capital Fund IV, L.P.

Reference is made to the stock exchange notification on March 24, 2010, in which REC announced the entry into an agreement for the sale of 100 percent of the shares and the shareholder loans in Sovello. The acquirer is a Jersey-based private equity fund being advised by Ventizz Capital Partners AG, Germany. The transaction was subject to certain closing conditions. All closing conditions have now been fulfilled.