REC Silicon — Capital/Financing Update 2010

Apr 30, 2010

Approved prospectus

PROSPECTUS

REC

Fully Underwritten Rights Issue of 332,384,039 New

Shares at a Subscription Price of NOK 12.10 per

New Share, with Subscription Rights for Existing

Shareholders as of the end of April 29, 2010

RENEWABLE ENERGY CORPORATION ASA

A public limited liability company organized under

the laws of Norway

Subscription Period:

From and including May 6, 2010 until May 20, 2010 at

17:30 hours (Oslo time)

Trading in Subscription Rights:

From and including May 6, 2010 until May 14, 2010 at

17:30 hours (Oslo time)

The information contained in this Prospectus relates

to an underwritten rights issue (the "Rights Issue")

and subsequent listing of 332,384,039 new shares each

with a nominal value of NOK 1 (the "New Shares") at a

subscription price of NOK 12.10 per New Share

(the "Subscription Price"),

with subscription rights ("Subscription Rights") for

existing shareholders (the "Existing Shareholders")

of

Renewable Energy Corporation ASA ("REC" or

the "Company") as of the

end of April 29, 2010. The Rights Issue is

underwritten by an underwriting syndicate,

guaranteeing, on terms and

conditions set forth in the underwriting agreement of

March 30, 2010 (the "Underwriting Agreement"), the

full

subscription of the New Shares.

The Existing Shareholders will receive Subscription

Rights to subscribe for the New Shares based on their

shareholding

in the Company as of the end of April 29, 2010. Each

Existing Shareholder will receive one Subscription

Right for every

two shares in REC held as of the end of April 29,

2010 as registered in the Company's shareholder

register in the

Norwegian Central Securities Depository

("Verdipapirsentralen" or "VPS") as of May 4, 2010

(the "Record Date"). The

holders of Subscription Rights will be entitled to

subscribe for and be allocated one New Share for

every Subscription

Right held. The Subscription Rights will be

registered on each Existing Shareholder's account in

the VPS. Oversubscription

and subscription without Subscription Rights is

permitted. The New Shares will be registered in the

VPS in

book entry form and will carry full voting rights.

All the Company's shares (the "Shares") rank in

parity with one another

and carry one vote per Share.

Investing in the Company involves risks. See section

4 "Risk Factors".

It is expected that payment for the New Shares will

be made on or about May 28, 2010. Delivery of the New

Shares is

expected to take place on or about June 1, 2010. The

New Shares will be delivered through the facilities

of the VPS.

Trading in the New Shares on Oslo Børs is expected to

commence on or about May 31, 2010.

SUBSCRIPTION RIGHTS NOT USED TO SUBSCRIBE FOR NEW

SHARES BEFORE THE END OF

THE SUBSCRIPTION PERIOD OR NOT SOLD BEFORE MAY 14,

2010 AT 17:30 HOURS (OSLO TIME)

WILL LAPSE WITHOUT COMPENSATION AND CONSEQUENTLY BE

OF NO VALUE.

***

Joint Global Coordinators and Joint Bookrunners

DnB NOR Markets Nordea Markets SEB Enskilda

April 30, 2010

The prospectus is available on the following places

from May 6 2010 for norwegian citizens with VPS

account :

www.recgroup.com/rightsissue

www.dnbnor.no/emisjoner

www.nordea.no/rec

www.sebenskilda.no

It can also be ordred from:

DnB NOR Markets (telefon +47 22 94 88 80

Nordea Markets (telefon +47 22 48 55 40)

SEB Enskilda (telefon +47 21 00 85 00)