REC ASA - Secures a NOK 1.5 billion wafer sales...

Sandvika, June 24, 2008: REC has entered into a significant long-term
agreement for supply of mono-crystalline silicon wafers to Suniva,
Inc. Under the agreement, REC will until 2013 deliver wafers worth
more than USD 300 million (~NOK 1.5 billion).

REC Wafer, currently significantly expanding it's monocrystalline
silicon wafer capacity, has signed a long-term agreement with Suniva
in Georgia, USA for the supply of monocrystaline wafers.

The agreement, which runs until 2013, is structured as a take-or-pay
contract with pre-determined prices and volumes for the entire
contract period. The contract has an approximate value of more than
USD 300 million (~NOK 1.5 billion). Contracts signed since 2006 now
totals more than NOK 30 billion for the period until 2015.

"This contract is aligned with our increasing presence in the high
efficiency monocrystalline cell segment and comes in addition to the
significant contract portfolio signed to date", says Erik Thorsen,
President & CEO.

The deliveries will start in 2009 and increase over the contract
period. Prices and other commercial terms are in line with contracts
signed since 2006 and include the security of a bank guarantee
covering a significant part of the contract volume. Prices are
predetermined to go down over time and will be depending on reduced
wafer thickness.

"We look forward to work with the technical team of Dr Ajeet Rohatgi
to further improve the performance of monocrystalline silicon
cells.", says Ingelise Arntsen EVP of REC Wafer.


About REC
REC is uniquely positioned as one of the most integrated company 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 2007 of NOK 6,642 million and an operating
profit of NOK 2,588 million. Please also see www.recgroup.com

About Suniva
Based in the USA in Atlanta, Suniva develops, manufactures and
markets high value, high efficiency crystalline silicon photovoltaic
(PV) cells for clean solar power generation. For additional
information, please visit www.suniva.com

For further information please contact:
Erik Thorsen, President & CEO; [phone]
Jon André Løkke, SVP & Investor Relations Officer; [phone]