REC Silicon — Director's Dealing 2010

May 25, 2010

Mandatory notification of trade - Allocation to primary insiders

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 26, 2010: With reference to the final result of the rights issue

in Renewable Energy Corporation ASA ("REC") as announced yesterday, the

following primary insiders have been allocated shares in accordance with the

principles set out in the prospectus.

Primary insider Roar Engeland (Board member in REC) and related parties has

subscribed to 60,000 new shares according to all subscription rights bought

during the subscription period. In addition, Mr. Engeland and related parties

oversubscribed by a total of 60,000 shares and was allocated 2,839 shares

through the allotment process. After this transaction, Mr. Engeland and related

parties hold 62,839 shares and 0 options in REC.

Primary insider Tore Schiøtz (Board member in REC) and related parties has

subscribed to 169,724 new shares according to all the subscription rights

received. In addition to rights received, Mr. Schiøtz and related parties

oversubscribed by a total of 50,276 shares and was allocated 8,033 shares

through the allotment process. After this transaction, Mr. Schiøtz and related

parties hold 566,017 shares and 0 options in REC.

Primary insider Ole Enger (President & CEO in REC) has subscribed to 6,858 new

shares according to all the subscription rights received. In addition to rights

received, Mr. Enger oversubscribed by a total of 692 shares and was allocated

323 shares through the allotment process. After this transaction, Mr. Enger and

related parties hold 20,897 shares and 138,962 options in REC.

Primary insider John Andersen, Jr. (Executive Vice President - REC Solar & Group

COO) has subscribed to 95,413 new shares according to all the subscription

rights received. In addition to rights received, Mr. Andersen oversubscribed by

a total of 9,587 shares and was allocated 4,516 shares through the allotment

process. After this transaction, Mr. Andersen and related parties hold 290,755

shares and 123,740 options in REC.

Primary insider Tore Torvund (Executive Vice President - REC Silicon) has

subscribed to 4,814 new shares according to all the subscription rights

received. After this transaction, Tore Torvund and related parties hold 14,443

shares and 88,530 options in REC.

Primary insider Einar Kilde (Executive Vice President - REC Wafer) has

subscribed to 342 new shares according to all the subscription rights received.

In addition to rights received, Mr. Kilde oversubscribed by a total of 34 shares

and was allocated 16 shares through the allotment process. After this

transaction, Mr. Kilde and related parties hold 1,043 shares and 116,967 options

in REC.

Primary insider Bjørn Brenna (Executive Vice President & CFO in REC) and related

parties has subscribed to 27,391 new shares according to all the subscription

rights received. In addition to rights received, Mr. Brenna and related parties

oversubscribed by a total of 3,109 shares and was allocated 1,290 shares through

the allotment process. After this transaction, Mr. Brenna and related parties

hold 83,468 shares and 124,015 options in REC.

Primary insider Kristine Ryssdal (Senior Vice President - Chief Legal Officer in

REC) has subscribed to 342 new shares according to all the subscription rights

received. In addition to rights received, Ms. Ryssdal oversubscribed by a total

of 158 shares and was allocated 15 shares through the allotment process. After

this transaction, Ms. Ryssdal and related parties hold 1,042 shares and 99,432

options in REC.

Primary insider Erik Sauar (Senior Vice President & CTO in REC) and related

parties has subscribed to 71,864 new shares according to all the subscription

rights received. In addition to rights received, Mr. Sauar and related parties

oversubscribed by a total of 8,136 shares and was allocated 75,265 shares

through the allotment process. After this transaction, Mr. Sauar and related

parties hold 495,424 shares and 105,436 options in REC.

Primary insider Svànaug Bergland (Senior Vice President - Organizational

Development & Corporate Communications in REC) has subscribed to 6,902 new

shares according to all the subscription rights received. After this

transaction, Ms. Bergland and related parties hold 20,707 shares and 76,039

options in REC.

Primary insider Mikkel Tørud (Vice President & Investor Relations Officer in

REC) has subscribed to 874 new shares according to all the subscription rights

received. After this transaction, Mr. Tørud and related parties hold 2,622

shares and 25,879 options in REC.

Primary insider Unni Kristiansen (Employees elected representative to the Board

in REC) has subscribed to 1,348 new shares according to all the subscription

rights received. After this transaction, Ms. Kristiansen and related parties

hold 4,044 shares and 0 options in REC.

Primary insider Anders Langerød (Employees elected representative to the Board

in REC) has subscribed to 67 new shares according to all the subscription rights

received. After this transaction, Mr. Langerød and related parties hold 201

shares and 0 options in REC.

Primary insider Silje Johnsen (Deputy employee representative to the Board in

REC) has subscribed to 501 new shares according to all the subscription rights

received. In addition to rights received, Ms. Johnsen oversubscribed by a total

of 2,999 shares and was allocated 22 shares through the allotment process. After

this transaction, Ms. Johnsen and related parties hold 1,525 shares and 0

options in REC.

* 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 visitwww.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)

[HUG#1418677]