Solar — Earnings Release 2014

Feb 25, 2015

Fourth quarter and preliminary full year 2014 report

Fourth quarter and preliminary full year 2014 report

Key highlights

* Announcement of agreement of sale of the business of REC Solar ASA to

Bluestar Elkem Investment Co. Ltd

* Module revenues of USD 176.6million, up 18.5% from Q3 2014 due to strong

sales in Europe and the USA

* EBITDA of USD 16.7 million, up 11.3%  from Q3 2014

* 258 MW of module production, up 3.8% from Q3 2014

* Solar panel cash cost at USD ~60 cents/Wp in Q4 2014, down ~2 cents/Wp from

Q3 2014(excl. exceptional items). Dec. 2014 cash cost at USD 59 cents/Wp

* REC's sales price for solar panels down 7.2% from Q3 2014 due to

unfavourable currency development and increased sales to the utility segment

* Appointment of Steve O'Neil, as CEO, effective from 25 March 2015

Martin Cooper, CEO of REC Solar ASA said:

"REC's fourth quarter 2014 result has benefitted from stronger sales volumes to

Europe and the US. Currency movements have impacted the relative attractiveness

of our key markets.

We are pleased with the reduction in solar panel cash costs achieved in Q4 2014

and will continue to focus on cost reductions going into 2015.

We are pleased that the proposed acquisition with Bluestar Elkem was approved at

the EGM at 15 January 2015. Bluestar Elkem has not yet received the necessary

Chinese regulatory approvals required for closing the transaction. The time

schedule presented at the EGM at the 15 January 2015, assuming payment of

proceeds to shareholders in May 2015, is not expected to be met awaiting Chinese

regulatory approvals. Distribution of liquidation proceeds to investors is

expected 14 - 16 weeks after final closing conditions have been fulfilled."

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

Morning program:

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

at Bryggetorget 4, 0250 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 fourth 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.

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 1,700 employees worldwide generated revenues of

USD 680 million in 2014

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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