Final result of the Rights Issue

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, May 25, 2010:  The subscription period in the rights issue in
Renewable Energy Corporation ASA ("REC") expired at 17:30 (Oslo time) on May
20, 2010. The final results show that REC at the end of the subscription period
had received subscriptions for a total of 540,459,919 new shares. 332,384,039
new shares were offered, and the rights issue was thus oversubscribed by
approximately 62.6 percent.

Reference is made to the prospectus dated April 30, 2010 regarding the fully
underwritten rights issue of 332,384,039 new shares in REC at a subscription
price of NOK 12.10 per new share, and to the announcement published on May
21, 2010 following the expiration of the subscription period in the rights
issue.

The final result of the rights issue shows that REC received subscription for a
total of 540,459,919 new shares. 332,384,039 new shares were offered, and the
rights issue was thus oversubscribed by approximately 62.6 percent.
Consequently, the underwriting commitments were not utilised. Approximately
98.5 percent (about 327.4 million) of the offered shares were subscribed for
through use of subscription rights.

The Board of Directors of REC has today, May 25, 2010, resolved the final
allocation of the shares to be issued in the rights issue, based on the
allocation criteria set out in the prospectus. A total of 332,384,039 new shares
have been allocated, of which approximately 327.4 million new shares have been
allocated to subscribers on the basis of exercised subscription rights and
approximately 5.0 million new shares have been allocated to holders of
subscription rights as a result of oversubscription. No allocation has been made
to subscribers without subscription rights.

Notifications of allocated new shares and the corresponding subscription amount
to be paid by each subscriber are expected to be distributed in letters from VPS
today, May 25, 2010. The payment for the new shares falls due on May 28, 2010 in
accordance with the payment procedures described in the prospectus.

Through the rights issue, REC will receive proceeds amounting to approximately
NOK 4,022 million before deduction of transaction costs.

The new shares may not be transferred or traded before they are fully paid and
the share capital increases have been registered with the Norwegian Register of
Business Enterprises. It is expected that the share capital increase pertaining
to the new shares will be registered in the Norwegian Register of Business
Enterprises on or about May 31, 2010 and that the new shares, subject to due
payment, will be transferred to the VPS accounts of the subscribers and admitted
to trading on Oslo Børs on the same day.

The share capital of REC will as a consequence of the rights issue be increased
with NOK 332,384,039 by issue of 332,384,039 new shares. Following registration
of the share capital increase, the share capital of REC will be NOK 997,152,118
divided into 997,152,118 shares.
DnB NOR Markets, Nordea Markets and SEB Enskilda AS are the joint global
coordinators and joint bookrunners for the rights issue. Advokatfirmaet Schjødt
DA and Advokatfirmaet Thommessen AS are acting as legal advisers to REC and the
joint global coordinators and joint bookrunners, respectively. Arctic Securities
ASA is acting as financial adviser to REC in connection with the rights issue.

* See additional important information below.

For more information, please contact;

Bjørn Brenna, EVP & CFO, [phone]
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 visit www.recgroup.com <

http://www.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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