REC ASA - 1st quarter 2009

Oslo, April 29, 2009: Renewable Energy Corporation ASA (REC) reported
revenue of NOK 2,013 million in the first quarter 2009, an increase
of 14 percent from NOK 1,771 million in the first quarter 2008.

Earnings before interest, taxes, depreciation and amortization
(EBITDA) amounted to NOK 527 million in the first quarter 2009, a
decline of 29 percent from NOK 742 million in the first quarter
2008.  The EBITDA margin of 26 percent in the first quarter 2009
compares with 42 percent in the same quarter last year. The EBITDA
margin was negatively affected by external sourcing of polysilicon,
higher expansion and ramp-up costs, and a build-up of module
inventory.

The operating profit (EBIT) was NOK 302 million in the first quarter,
compared to NOK 579 million in the same quarter in 2008.

REC reported positive net financial items  of NOK 298 million in  the
first quarter, compared to  a negative NOK 251  million in the  first
quarter 2008.

Profit before tax thus increased to NOK 600 million in the first
quarter 2009, from NOK 327 million in the first quarter 2008.

Earnings per share  were NOK  0.80 in  the first  quarter 2009.  This
compares to NOK 0.43 in the first  quarter 2008, on both a basic  and
diluted basis.

For more information, please see the attachments on www.newsweb.no

Morning program:
On the release day, Ole Enger, President and CEO of REC, will give a
presentation together with other members of the management team. The
presentation will take place at 08:00 hrs Norwegian time/CET at the
conference centre Oslo Konserthus, Munkedamsveien 14, 0250 Oslo
(www.oslokonserthus.no).

The presentation, held in English, will be broadcasted live over the
Internet, and can be accessed from: www.recgroup.com.

It will also be possible to listen to the presentation through a
conference call. Please use one of the following numbers (conference
ID, 3433171):

Norway free call: 800 19 640
UK free call: 0800 028 1299
USA free call: 1888 935 4577
International dial in: [phone]

Afternoon program:
REC will further host an analyst conference call with possibilities
for questions and answers later the same day at 15:00 CET. Please
make sure to dial inn at least 5 minutes ahead of time to finalize
your registration:

Norway free call: 800 80 119
International dial in: [phone]

Immediately after the call, a replay of the conference call will be
made available. To access, please dial [phone] and use the
following procedure:

 1. Type account number 1524 followed by # (pound-sign) and press 1
 2. Continue by typing the conference number: 524 followed by #
    (pound-sign) and press 1 to play


For more information, please contact;
Jon André Løkke, SVP & Investor Relation Officer, [phone]

About REC
REC is the leading vertically  integrated player in the solar  energy
industry. REC Silicon  and REC  Wafer are among  the world's  largest
producers of polysilicon and wafers  for solar applications, and  REC
Solar is a rapidly growing  manufacturer of solar cells and  modules.
REC Group had revenues of NOK  8 191 million and an operating  profit
of NOK 2 529  million in 2008.  About 2 500  employees work in  REC's
worldwide organization. Please also see www.recgroup.com


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

This announcement was originally distributed by Hugin. The issuer  is
solely responsible for the content of this announcement.


This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement.