Solar — Earnings Release 2014

Apr 25, 2014

REC Solar ASA : First Quarter 2014 Results

REC Solar ASA : First Quarter 2014 Results

Key highlights

* Revenues of USD 175.4 million, down 3.9% from Q4 2013

* EBITDA of USD 16.2 million, down 11.0% from Q4 2013

* Closing cash balance of USD 86.5 million

* REC's selling price for solar panels in Q1 2014 were in line with Q4 2013

* Solar panel cash cost up USD 3 cents/W from Q4 2013

* The increase is due to phase in of new equipment, furnace upgrade and

the fire at the cell plant in March 2014

* Target cost reduction for full year 2014 remains unchanged. However,

more likely to be in the lower range

* 216 MW of module production, down 5.3% from Q4 2013

* Capacity expansion approved, module capacity to increase to 1.3 GW by

2H 2015

Øyvind Hasaas, CEO of REC Solar ASA said: "We are experiencing good demand in

our main markets in Europe and Japan. Together with our partners, we are

continuously working to improve our product offering and improve our market

presence. Our expansion of 300 MW module capacity through two new module lines

will facilitate introduction of new technologies and broaden our product

offering to our client base. This is an important step for us to strengthen our

position in the "high end" market segment"

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

Morning program:

A presentation is scheduled the same day at 8:00 am CET at Swedbank's office,

Filipstad Brygge 1, 0115 Oslo, Norway. The event will be webcasted live and

available for replay shortly after. To watch the webcast over the internet,

please visit REC's web site, www.recgroup.com,at least 10 minutes early to

register and to download and install any necessary software.

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

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

The earnings release concerning the first quarter 2014 results and a

corresponding slide presentation will be posted on www.newsweb.no and on REC

Solar's web site www.recgroup.com.

Afternoon program:

REC will further host a conference call with possibilities for questions and

answers later the same day at 15:00 CET. Please make sure to dial in at least 5

minutes ahead of time to finalize your registration.

To access the conference call scheduled at 15:00 pm CET, please dial-in at the

number provided below, corresponding to your location. The conference ID is

Location Dial-in number

Norway 21 00 69 17

International   +44(0)20 3427 1917

UK +44(0)20 3427 1917

US + 1 646 254 3365

The telephone will be open for questions at the conclusion of management's

remarks. A digital replay will be available shortly after the conference call

and until April 28, 2014. The access number for this service is 9801526. Please

access the replay by dial-in at the number provided below.

Location    Dial-in number

Norway + 47 21 00 04 98

For further information, please contact:

Kim Boman

Investor Relations

Telephone: +47 959 63 912

Email: kim.boman@recgroup.com

Martin Cooper

CFO

Telephone: + 65 8518 2537

Email: martin.cooper@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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