REC Silicon — Share Issue/Capital Change 2010

Apr 29, 2010

Rights issue approved by the EGM

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, April 29, 2010. An Extraordinary General Meeting of the shareholders

of Renewable Energy Corporation ASA ("REC") was held today, April 29, 2010, at

10:00 (Oslo time).

Further to the notice for Extraordinary General Meeting issued on April 6, 2010

and the release earlier today in which the final terms of the rights issue as

proposed by the Board was announced, the Extraordinary General Meeting approved

the Board's proposed resolution.

The REC share will, for trades subject to ordinary T+3 settlement in VPS,

consequently trade exclusive of the right to receive subscription rights in the

rights issue from and including tomorrow, April 30, 2010. Detailed terms of the

rights issue will be included in the prospectus, expected to be published on or

about May 6, 2010.

The minutes from the Extraordinary General Meeting recording the resolutions

made are enclosed hereto, and are also available on REC`s website

atwww.recgroup.com . 398,601,556 shares were

represented, corresponding to 59,96% percent of the share capital.

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This release is not for publication or distribution, in whole or in part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

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