Expiry of the subscription period in the Rights...

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR
INDIRECTLY, IN AUSTRALIA, CANADA, HONG KONG, JAPAN OR THE UNITED STATES.

Sandvika, May 20, 2010: The subscription period in the rights issue of Renewable
Energy Corporation ASA ("REC") expires at 17:30 (Oslo time) today, May 20, 2010.

Subscription  rights that are not used to  subscribe for new shares in REC prior
to  the expiry  of the  subscription period  will be  of no value and will lapse
without compensation to the holder.

Holders  of subscription rights (whether granted  or acquired) must, in order to
subscribe  for new shares, submit a correctly completed subscription form to one
of the following subscription offices:



+--------------------+------------------------------------+--------------------+
|DnB NOR Bank ASA    |Nordea Bank Norge ASA               |SEB Enskilda AS     |
|Registrar Department|Securities Services - Issuer        |Filipstad Brygge 1  |
|N-0021 Oslo         |Services                            |P.O. Box 1363 Vika  |
|Norway              |P.O. Box 1166  Sentrum,             |N-0113 Oslo         |
|Fax: [phone]|N-0107 Oslo, Norway                 |Fax: [phone]|
|                    |Fax: [phone]                |                    |
+--------------------+------------------------------------+--------------------+

Subscribers who are Norwegian citizens may also subscribe for new shares through
the   VPS   online   subscription   system   (or   by  following  the  links  on
www.dnbnor.no/emisjoner,      www.nordea.no/rec,      www.sebenskilda.no      or
www.recgroup.com/rightsissue,  all of which will  redirect the subscriber to the
VPS  online subscription  system). Please  refer to  the prospectus  dated April
30, 2010 for further information.

DnB  NOR  Markets,  Nordea  Markets  and  SEB  Enskilda  AS are the joint global
coordinators     and     joint     bookrunners    for    the    rights    issue.

* See additional important information below.

For more information, please contact;
Bjørn Brenna, EVP & CFO, [phone]
Mikkel Tørud, VP & IRO, +47 976 99 144

For press & media:
Kristin Nordal, Corporate Communications Manager, +47 900 15 550

About REC
REC  is a leading vertically integrated player in the solar energy industry. REC
is  among  the  world's  largest  producers  of polysilicon and wafers for solar
applications, and a rapidly growing manufacturer of solar cells and modules. REC
is  also  engaged  in  project  development  activities in selected PV segments.
Founded  in Norway, REC  is an international  solar company, employing more than
3,000 people  worldwide. REC had revenues in  excess of NOK 9 billion in 2009.
Please  visit  www.recgroup.com  <

http://www.recgroup.com/>  to learn more about
REC.
                                  * * * * * *
* Important information

This  release  is  not  for  publication  or  distribution,  in whole or in part
directly  or indirectly, in or  into Australia, Canada, Hong  Kong, Japan or the
United  States  (including  its  territories  and  possessions, any state of the
United  States and the District of Columbia). The release does not constitute or
form  part of any offer or solicitation  to purchase or subscribe for securities
in  the United States. The  securities mentioned herein have  not been, and will
not  be, registered under  the United States  Securities Act of 1933, as amended
(the  "Securities Act"). The securities may not be offered or sold in the United
States except pursuant to an exemption from the registration requirements of the
Securities  Act. REC does not intend to  register any portion of the offering of
the  securities in  the United  States or  to conduct  a public  offering of the
securities  in the United States. Copies of this announcement are not being made
and  may not be distributed or sent  into Australia, Canada, Hong Kong, Japan or
the United States.
The issue, exercise, purchase or sale of subscription rights and the
subscription or purchase of REC shares are subject to specific legal or
regulatory restrictions in certain jurisdictions. REC assumes no responsibility
in the event there is a violation by any person of such restrictions.

This release is an announcement issued pursuant to legal information
obligations. It is not a prospectus, disclosure document or offering document
and does not purport to be complete. Nothing in this announcement should be
interpreted as a term or condition of the rights issue. Investors should not
subscribe for, purchase, otherwise acquire, sell or otherwise dispose of nil
paid rights, fully paid rights and/or ordinary shares except on the basis of
information in the prospectus to be published by REC in due course in connection
with the rights issue which will contain further information relating to the
company. The prospectus will, following publication, be available on the rights
issue website at www.recgroup.com/rightsissue. This announcement does not
constitute or form part of any offer or invitation to sell or issue, or any
solicitation of any offer to acquire any securities offered by any person in any
jurisdiction in which such an offer or solicitation is unlawful.

The distribution of this release and/or the rights issue prospectus into
jurisdictions other than Norway may be restricted by law. Persons into whose
possession this release comes should inform themselves about
and observe any such restrictions. Any failure to comply with these restrictions
may constitute a violation of the securities laws of any such jurisdiction.

DnB NOR Markets, Nordea Markets and SEB Enskilda are acting for REC and no one
else in connection with the rights issue and will not be responsible to anyone
other than REC for providing the protections afforded to their respective
clients or for providing advice in relation to the rights issue and/or any other
matter referred to in this document.

Forward-looking statements:

This release and any materials distributed in connection with this release may
contain certain forward-looking statements. By their nature, forward-looking
statements involve risk and uncertainty because they reflect REC's current
expectations and assumptions as to future events and circumstances that may not
prove accurate. A number of material factors could cause actual results and
developments to differ materially from those expressed or implied by these
forward-looking statements, including the risks and uncertainties to be set out
in the prospectus.
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)


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