Organizational changes

Sandvika, January 12; Renewable Energy Corporation ASA (REC) is making changes to Group Management, and the management of REC's Wafer/Solar division will as a final step of an ongoing decentralization process move from Oslo to Singapore and Munich.

Mr. Alessandro Perrotta has been employed as Executive Vice President Wafers, Cells & Modules and will be a member of Group Management, with a base in Singapore. Perotta holds master degrees from US universities within electrical engineering and business administration, and he has worked for Motorola and Amphenol Corporation where he served both in Asia and in the US as Corporate Vice President and Group General Manager in the Mobile Consumer Product Division, and as a member of the Corporate Management team. "I am very pleased to welcome Alex to REC and I am sure that his deep knowledge of the consumer electronics industry as well as his extensive experience from Asia will be important in developing REC's competitive position", Ole Enger says. Perrotta will join REC on February 1, 2012 and take over the formal responsibility from John Andersen, Jr. on March 1.

John Andersen, Jr. will continue as EVP & Group COO, and member of REC Group Management.  Andersen, Jr. will with his experience from the PV industry and as a central member of the corporate management team support the continued development of the company.

Mr. Florian Krumbacher has been appointed SVP & Chief Legal Officer and member of Group Management, after Kristine Ryssdal, who has decided to leave REC.  Krumbacher holds legal degrees from the University of Munich and the London School of Economics and was Group General Counsel at ADVA AG Optical Networking in Germany before he started to work for REC in May 2010. Krumbacher will resume the responsibility as of March 1, 2012.

After these organizational changes REC Group Management will consist of the following members;

Ole Enger, CEO
Tore Torvund, EVP Silicon
Alessandro Perrotta, EVP Wafers, Cells & Modules
Bjørn Brenna, EVP & Chief Financial Officer
John Andersen, Jr., EVP & Group COO
Øyvind Hasaas, EVP HR and Organizational Development
Florian Krumbacher, SVP & Chief Legal Officer

About REC
REC is a leading vertically integrated player in the solar energy industry. Ranked among the world's largest producers of polysilicon and wafers for solar applications and a rapidly growing manufacturer of solar cells and modules, REC also engages in project development activities in selected PV segments. Founded in Norway in 1996, REC is an international solar company, employing more than 3,900 people worldwide with revenues close to NOK 14 billion in 2010. Please visit www.recgroup.com to learn more about REC.

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

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Source: Renewable Energy Corporation ASA via Thomson Reuters ONE

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