REC Silicon — Capital/Financing Update 2010

May 21, 2010

Preliminary results of 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, May 21, 2010. The subscription period in the rights issue of Renewable

Energy Corporation ASA ("REC") expired at 17:30 (Oslo time) yesterday, May

20, 2010. Preliminary counts indicate that REC received subscriptions for a

total of approximately 540.5 million new shares.

332,384,039 new shares were offered, and the rights issue was thus

oversubscribed by approximately 62.6 percent.

Final allocation of the shares offered in the rights issue is expected to be

resolved by the board of directors of REC on or about May 25, 2010 in accordance

with the allocation criteria set out in the prospectus dated April 30, 2010. The

final result of the rights issue is expected to be published through Oslo Børs'

information system on or about May 25, 2010 and notifications of allocated new

shares and the corresponding subscription amount to be paid by each subscriber

are expected to be distributed in letters from VPS on or about the same date.

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This release is not for publication or distribution, in whole or in part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 securities mentioned herein have not been, and will

not be, registered under the United States Securities Act of 1933, as amended

(the "Securities Act"). The securities may not be offered or sold in the United

States except pursuant to an exemption from the registration requirements of 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 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.com/rightsissue. 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)

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