Solar — Earnings Release 2014

Jul 24, 2014

REC Solar ASA : Second Quarter 2014 results

REC Solar ASA : Second Quarter 2014 results

Key highlights

* Revenues of USD 175.8 million, up 0.2% from Q1 2014

* EBITDA of USD 21.1 million, including USD 7.4 million in property tax re-

imbursement

* Closing cash balance of USD 97.1 million

* Solar panel cash cost in Q2 2014 is in line with Q1 2014 (excluding

exceptional items)

* 232 MW of module production, up 7.4% from Q1 2014

* REC's sales price for solar panels for Q2 2014 down with 1.5% from Q1 2014

* Agreement with SolarCity to supply minimum 100 MW and up to 240 MW

* Product scope is expanding to strengthen US market position

Martin Cooper, CEO of REC Solar ASA said: "REC's second quarter of 2014 was

characterized by high sales volumes in Europe, softer market conditions in Japan

and sales pipeline building up in the US market.

The launch of our Peak Energy 72 series panels and our recently announced sales

agreement with SolarCity demonstrate our ability to react quickly to market

opportunities. REC is well positioned to capitalize on the market opportunities

in the US market.

We continue to have a strong focus on reducing our solar panel cash costs/watt

to remain competitive. The furnace upgrade and module capacity expansion is

progressing according to plan."

For more information, please see the attached second quarter 2014 report.

For further information, please contact:

Kim Boman

Investor Relations

Telephone: +47 959 63 912

Email: kim.boman@recgroup.com

About REC Solar ASA

REC Solar ASA is a leading global provider of solar energy solutions. With more

than 15 years of experience, we offer sustainable, high performing products,

services and investments for the solar industry. Together with our partners, we

create value by providing solutions that better meet the world's growing energy

needs. REC Solar ASA is headquartered in Norway and listed on the Oslo Stock

Exchange (ticker: RECSOL). Our 1,600 employees worldwide generated revenues of

USD 647 million in 2013

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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