REC Silicon — Capital/Financing Update 2010

May 14, 2010

LAST TRADING DAY FOR SUBSCRIPTION RIGHTS IN THE RIGHTS ISSUE

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR

INDIRECTLY, IN AUSTRALIA, CANADA, HONG KONG, JAPAN OR THE UNITED STATES.

Sandvika, Norway, May 14, 2010: The period for trading in subscription rights

(ticker ["REC T"]) in the rights issue of Renewable Energy Corporation ASA

("REC") expires at 17:30 hours (Oslo time) today, May 14, 2010.

Any subscription right not sold prior to 17:30 hours (Oslo time) on May

14, 2010 or used to subscribe for new shares in the rights issue before the end

of the subscription period will lapse and cease to carry any value. The

subscription period in the rights issue will continue until May 20, 2010 at

17:30 hours (Oslo time).

Holders of subscription rights (whether granted or acquired) must, in order to

subscribe for new shares, submit a correctly completed subscription form to one

of the following subscription offices:

+--------------------+------------------------------------+--------------------+

|DnB NOR Bank ASA |Nordea Bank Norge ASA |SEB Enskilda AS |

|Registrar Department|Securities Services - Issuer |Filipstad Brygge 1 |

|N-0021 Oslo |Services |P.O. Box 1363 Vika |

|Norway |P.O. Box 1166  Sentrum, |N-0113 Oslo |

|Fax: +47 22 48 29 80|N-0107 Oslo, Norway |Fax: +47 21 00 89 62|

| |Fax: +47 22 48 63 49 | |

+--------------------+------------------------------------+--------------------+

Subscribers who are Norwegian citizens may also subscribe for new shares through

the VPS online subscription system (or by following the links on

www.dnbnor.no/emisjoner , www.nordea.no/REC

, www.sebenskilda.no or

www.recgroup.com/rightsissue , all of which

will redirect the subscriber to the VPS online subscription system). Please

refer to the prospectus dated April 30, 2010 for further information.

DnB NOR Markets, Nordea Markets and SEB Enskilda are the joint global

coordinators and joint bookrunners for the rights issue.

* See additional important information below.

For more information, please contact;

Bjørn Brenna, EVP & CFO, +47 900 43 186

Mikkel Tørud, VP & IRO, +47 976 99 144

For press & media:

Kristin Nordal, Corporate Communications Manager, +47 900 15 550

About REC

REC is a leading vertically integrated player in the solar energy industry. REC

is among the world's largest producers of polysilicon and wafers for solar

applications, and a rapidly growing manufacturer of solar cells and modules. REC

is also engaged in project development activities in selected PV segments.

Founded in Norway, REC is an international solar company, employing more than

3,000 people worldwide. REC had revenues in excess of NOK 9 billion in 2009.

Please visit www.recgroup.com to learn more about

REC.

* * * * * *

* Important information

This release is not for publication or distribution, in whole or in part

directly or indirectly, in or into Australia, Canada, Hong Kong, Japan or the

United States (including its territories and possessions, any state of the

United States and the District of Columbia). The release does not constitute or

form part of any offer or solicitation to purchase or subscribe for securities

in the United States. The shares mentioned herein have not been, and will not

be, registered under the United States Securities Act of 1933, as amended (the

"Securities Act"). The shares may not be offered or sold in the United States

except pursuant to an exemption from the registration requirements of the

Securities Act. There will be no public offer of securities in the United

States.

This press release does not constitute or form part of an offer or solicitation

to purchase or subscribe for securities in the United States. The securities

referred to herein may not be offered or sold in the United States absent

registration or an exemption from registration as provided in the Securities

Act. REC does not intend to register any portion of the offering of the

securities in the United States or to conduct a public offering of the

securities in the United States. Copies of this announcement are not being made

and may not be distributed or sent into the Australia, Canada, Hong Kong, Japan

or the United States.

The issue, exercise, purchase or sale of subscription rights and the

subscription or purchase of REC shares are subject to specific legal or

regulatory restrictions in certain jurisdictions. REC assumes no responsibility

in the event there is a violation by any person of such restrictions.

This release is an announcement issued pursuant to legal information

obligations. It is not a prospectus, disclosure document or offering document

and does not purport to be complete. Nothing in this announcement should be

interpreted as a term or condition of the rights issue. Investors should not

subscribe for, purchase, otherwise acquire, sell or otherwise dispose of nil

paid rights, fully paid rights and/or ordinary shares except on the basis of

information in the prospectus to be published by REC in due course in connection

with the rights issue which will contain further information relating to the

company. The prospectus will, following publication, be available on the rights

issue website at [www.recgroup/rightsisse]. This announcement does not

constitute or form part of any offer or invitation to sell or issue, or any

solicitation of any offer to acquire any securities offered by any person in any

jurisdiction in which such an offer or solicitation is unlawful.

The distribution of this release and/or the rights issue prospectus into

jurisdictions other than Norway may be restricted by law. Persons into whose

possession this release comes should inform themselves about

and observe any such restrictions. Any failure to comply with these restrictions

may constitute a violation of the securities laws of any such jurisdiction.

DnB NOR Markets, Nordea Markets and SEB Enskilda are acting for REC and no one

else in connection with the rights issue and will not be responsible to anyone

other than REC for providing the protections afforded to their respective

clients or for providing advice in relation to the rights issue and/or any other

matter referred to in this document.

Forward-looking statements:

This release and any materials distributed in connection with this release may

contain certain forward-looking statements. By their nature, forward-looking

statements involve risk and uncertainty because they reflect REC's current

expectations and assumptions as to future events and circumstances that may not

prove accurate. A number of material factors could cause actual results and

developments to differ materially from those expressed or implied by these

forward-looking statements, including the risks and uncertainties to be set out

in the prospectus.

* * * * *

This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)

[HUG#1415136]