REC ASA - Primary insider transaction

Sandvika, July 20, 2009; With reference to the rights issue announced
on May 19, 2009, the following primary insiders have been allocated
shares in accordance with the principles set out in the prospectus
after oversubscribing relative to the number of subscription rights
received in the transaction.

Primary insider Tore Schiøtz (Board member in REC ASA) has subscribed
to
86,206 new shares according to all the subscription rights received.
In addition to rights received, Mr. Schiøtz oversubscribed by a total
of 35,000 shares and was allocated 3,242 shares through the allotment
process. After this transaction, Mr. Schiøtz and related parties hold
339,448 shares in REC.

Primary insider Ole Enger (President and CEO of REC) has subscribed
to 689 new shares according to all the subscription rights received.
In addition to rights received, Mr. Enger oversubscribed by a total
of 7,500 shares and was allocated 25 shares through the allotment
process. After this transaction, Enger and related parties hold 2,714
shares in REC.

Primary insider John Andersen, Jr. (Executive Vice President - REC
Solar & Group COO) has subscribed to 47,407 new shares according to
all the subscription rights received. In addition to rights received,
Mr. Andersen oversubscribed by a total of 13,973 shares and was
allocated 1,361 shares through the allotment process. After this
transaction, Andersen and related parties hold 186,251 shares and
20,123 options in REC.

Primary insider Bjørn Brenna (Executive Vice President & CFO) has
subscribed to 12,907 new shares according to all the subscription
rights received. In addition to rights received, Mr. Brenna
oversubscribed by a total of 9,393 shares and was allocated 482
shares through the allotment process. After this transaction, Brenna
and related parties hold 50,830 shares and 25,507 options in REC.

Primary insider Jon André Løkke (Senior Vice President & Investor
Relation Officer) has subscribed to 31,237 new shares according to
all the subscription rights received. In addition to rights received,
Mr. Løkke oversubscribed by a total of 33,967 shares and was
allocated 1,237 shares through the allotment process. After this
transaction, Løkke and related parties hold 123,069 shares and 11,731
options in REC.

Primary insider Tore Torvund (Executive Vice President - REC Silicon)
has subscribed to new 1,379 new shares according to all the rights
received. In addition to rights received, Mr. Torvund oversubscribed
by a total of 13,621 shares and was allocated 50 shares through the
allotment process. After this transaction, Torvund and related
parties hold 5,429 shares in REC.

Primary insider Erik Sauar (Senior Vice President & CTO) has
subscribed to 56,296 new shares. Further, Mr. Sauar oversubscribed by
a total of 40,000 shares and was allocated 2,115 shares through the
allotment process. After this transaction, Sauar and related parties
hold 426,374 shares and 17,145 options in Renewable Energy
Corporation ASA.

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.

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registration as  provided in  the  U.S. Securities  Act of  1933,  as
amended. The Company does not intend  to register any portion of  the
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