REC Silicon — Earnings Release 2010

Apr 28, 2010

First quarter 2010

Sandvika, April 28, 2010: 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.

Operating profit (EBIT) was a negative NOK 125 million in the first quarter,

compared to NOK 298 million in the first quarter 2009. The main reasons for the

negative operating results are reduced sales prices, expansion and ramp-up costs

and increased depreciation on assets taken in use.

Net financial items amounted to NOK 855 million in the first quarter, up from

NOK 351 million in the first quarter last year. Profit before tax was thus NOK

730 million in the first quarter 2010, compared to NOK 650 million in the first

quarter 2009.

President and CEO Ole Enger of REC will give a presentation together with

members of the management team at 08:00 hrs Norwegian time/CET at the conference

centre Oslo Konserthus, Munkedamsveien 14, 0250 Oslo (www.oslokonserthus.no

).

The presentation, held in English, will be broadcasted live over the Internet,

and can be accessed from:www.recgroup.com .

It will also be possible to listen to the presentation through a conference

call. Please make sure to dial in 10 minutes prior to scheduled start time on

one of the following numbers:

Conference ID: 9435222):

Norway free call: 800 19 640

UK free call: 0 800 028 1243

USA free call: 1 888 935 4575

International dial in: +44 (0) 20 7806 1951

Afternoon program:

REC will further host an analyst conference call with possibilities for

questions and answers later the same day at 15:00 CET. Please make sure to dial

inn at least 5 minutes ahead of time to finalize your registration:

Norway free call: 800 80 119

International dial in: +47 2318 4501

Immediately after the call, a replay of the conference call will be made

available. To access, please dial +47 2318 4502 and use the following procedure:

Type account number 1524 followed by # (pound-sign) and press 1

Continue by typing the conference number: 524 followed by # (pound-sign) and

press 1 to play

For more information, please contact:

Mikkel Tørud, VP and Investor Relations Officer, Tel: +47 907 44 949

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.

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

(Norwegian Securities Trading Act)

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