REC ASA - 4th quarter 2008

Sandvika, February 18, 2008:  Renewable Energy Corporation ASA  (REC)
reported revenue of NOK 2,380 million in the fourth quarter 2008,  an
increase of 27 percent from NOK  1,874 million in the fourth  quarter
2007. For the full year 2008, revenue increased by 23 percent to  NOK
8,191 million.

Earnings  before  interest,  taxes,  depreciation  and   amortization
(EBITDA) amounted  to NOK  936 million  in the  fourth quarter  2008,
which was  an increase  of 10  percent from  NOK 848  million in  the
fourth quarter 2007.  The EBITDA margin  of 39 percent in the  fourth
quarter 2008 compares with 45 percent in the same quarter last year.

For the full  year 2008,  EBITDA increased  by three  percent to  NOK
3,279  million,   and   the   EBITDA  margin   decreased   by   eight
percentage-points to 40 percent.

The operating  profit  (EBIT)  was  NOK 696  million  in  the  fourth
quarter, compared to NOK 677 million in the same quarter in 2007, and
the EBIT margin decreased to 29 percent from 36 percent. For the full
year 2008  the EBIT  was NOK  2,529 million,  compared to  NOK  2,588
million in 2007, representing a decrease of two percent.

REC reported net  financial items of  NOK 885 million  in the  fourth
quarter, including net gains  on derivatives of  NOK 759 million.  In
the same quarter last year, net  financial items were a negative  NOK
61 million, including net  losses on derivatives  of NOK 90  million.
Net financial items for  the full year 2008  were NOK 1,850  million,
compared to a negative of NOK 610 million in 2007.

Including these effects, profit before  tax was NOK 1,581 million  in
the fourth quarter 2008,  compared to NOK 616  million in the  fourth
quarter 2007. Profit before tax for the full year 2008 was NOK  4,379
million, compared to NOK 1,977 million in 2007.

Earnings per share were NOK 2.25 in the fourth quarter 2008 and  6.20
for the full year.  This compares to NOK  0.84 in the fourth  quarter
2007 and NOK 2.70 for the full year 2007, on both a basic and diluted
basis.

Please see the attachments on www.newsweb.no

On the release  day, Wednesday  February 18, President  and CEO  Erik
Thorsen of REC ASA will give a presentation and other members of  the
management team  will also  be present.  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, 3132724):

Norway free call: 800 196 40
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 Andre Løkke, SVP & Investor Relation Officer, [phone]

About REC
REC is uniquely positioned as one of the most integrated companies in
the solar energy industry. REC Silicon and REC Wafer are the  world's
largest producers of polysilicon  and wafers for solar  applications.
REC Solar  produces  solar cells  and  solar modules  and  engage  in
project development activities in selected segments of the PV market.
REC Group had revenues in 2008 of NOK 8,191 million and an  operating
profit of NOK 2,529 million. Please also see www.recgroup.com


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