Sovello AG sold to Ventizz Capital Fund IV, a German private equity firm

Sandvika, March 24, 2010: REC, Evergreen and Q-Cells, equal partners in Sovello

AG, have entered into an agreement to sell 100 percent of the shares in Sovello

to Ventizz Capital Fund IV, L.P.

As referred to in the Q4 2009 report, the shareholders of Sovello AG on February

5, 2010, signed a non-binding term sheet for the sale of 100 percent shares in

Sovello.

As earlier communicated, REC recognized impairment charges and provisions

related to Sovello per December 31, 2009. These are estimated to be sufficient

to cover REC's exposure to Sovello, and no further losses are expected from

closing of the transaction. REC has proportionately consolidated 33.3 percent of

Sovello AG on a line-by-line basis in REC's consolidated financial statements.

The transaction is subject to certain closing conditions, and closing of the

transaction is expected to take place during April 2010.

It is expected that REC's polysilicon supply agreement will be revised as part

of the transaction. Any surplus polysilicon volumes will be reallocated.

For further information, please contact:

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

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.

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

(Norwegian Securities Trading Act)

[HUG#1396983]

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