New REC integrated solar manufacturing facility...

Sandvika, November 3, 2010: REC facility already exceeds expectations by
producing one millionth module ahead of plan before reaching full capacity.

REC today officially opened one of the world's largest integrated wafer, cell
and module manufacturing facilities in Tuas, Singapore. This milestone is the
largest single investment ever made by REC, the largest clean tech investment
ever made in Singapore at 2.5 billion Singapore dollars, and the third largest
foreign green field investment ever made by a Norwegian company.

The facility was built 20 percent below budget. Initially volumes of 740 MW for
wafers, 550 MW for cells, and 590 MW for modules were announced. The new
capacity target for modules is 800 MW in 2012, representing an increase of 35%
compared to the design capacity.

Some 200 sites were considered before Singapore was selected as the location for
the state of the art complex covering 321,000 square meters. Some 8,000 workers
and 17 million man hours without serious injury were required. The plant has
impressive environmental features having received the Gold Green Mark Award for
environmental performance, ISO 9001, in addition to having waste water recycling
and energy recovery systems in place. The facility has created around 1500 jobs
with recruitment continuing.

The production costs for the facility are less than earlier REC plants,
targeting a full cost of 97 Euro cents per watt by the end of 2011 including
research and development and sales and marketing costs. Research and product
development, supply chain, operations, quality control, logistics and customer
support are made more efficient through integration.

The one millionth module is part of the REC Peak Energy Series which is the
first product manufactured at Tuas. The module delivers more power per square
meter due to several design improvements, resulting in approximately seven
percent improved energy output. The facility produces more than 190,000 modules
per month with a competitive cell efficiency target of 16.8 percent by 2011, an
improvement over earlier production. The REC Peak Energy Series is already
installed in more than twelve countries. The modules produced in 2011 at the new
REC facility could throughout their
lifetime offset 25 million tons of CO2 from coal fired power plants or produce
enough electricity to meet the yearly energy needs of 150,000 Singaporean
households.

"We are confident with the completion of REC's plant that solar is here to stay
and will be an important energy source in the coming years. REC's high
performance solar technology and Singapore's global competitiveness together
create a center of excellence that will make smart energy for a cleaner future
more accessible," said Ole Enger, CEO, REC.
Singapore Prime Minister Lee Hsien Loong, joined by Leo Yip, Chairman of the
Economic Development Board and some 500 guests attended the opening which was
followed by a plant tour.

"We congratulate REC on the successful completion and opening of its world-scale
solar manufacturing plant. This marks a major milestone in the development of
the clean energy industry in Singapore. We are also delighted that REC has made
Singapore a home for its solar activities by siting its best in class
manufacturing and R&D operations here. EDB will continue to work with REC and
other industry partners to strengthen the clean energy industry ecosystem
through initiatives in research and innovation, as well as development of
specialised manpower and supplier base," said Leo Yip, Chairman, Singapore
Economic Development Board.

This is the second world class project the company has completed in 2010, with a
new silicon production facility recently opening in the US. Already a leading
producer of silicon and wafers, REC is positioned to become a key player in
modules aspiring to a top ten position.

For further information please contact:

Singapore media, Danny Phan, [phone]

International media, Heather Pace Clark, [phone]

Norwegian media, Kristin Nordal, [phone]



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Source: Renewable Energy Corporation ASA via Thomson Reuters ONE