REC ASA - Secures a USD 340 Million wafer sales...

Sandvika,  January  16,  2008:  REC  has  entered  into  a  long-term
agreement for  supply  of  multi crystalline  silicon  wafers  to  LG
Electronics Inc. Under  the agreement,  REC will  until 2014  deliver
wafers worth more than USD 340 million (~NOK 2.2 billion).

REC Wafer,  the  world's  leading  manufacturer  of  multicrystalline
silicon wafers, has signed a long-term agreement with LG  Electronics
Inc. in  Korea  for  the  supply of  multi  crystalline  wafers.  The
agreement, which  runs until  2014, is  structured as  a  take-or-pay
contract with  pre-determined  prices  and  volumes  for  the  entire
contract period. The contract has an estimated value of more than USD
340 million (~NOK 2.2 billion).

"We are  happy to  sign a  new  long-term contract  with one  of  the
leading electronics  companies in  the  world. REC's  total  contract
portfolio, in  excess  of  NOK  60  billion,  provides  a  reasonable
visibility on future revenues", says Erik Thorsen, President & CEO.

The deliveries will start with  limited volumes in 2010 and  increase
over the  contract period.  Prices are  in line  with earlier  signed
contracts and are predetermined to  go down over time also  depending
on customer's  ability to  utilize thinner  wafers. Other  commercial
terms also falls within the standard REC contract framework.

"We are proud to  include LG Electronics  to our customer  portfolio.
This provides us  with an  exciting opportunity to  learn from  their
extensive mass production and product development capabilities", 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
leading producer 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

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


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