First quarter 2010

Sandvika, April 28, 2010: Renewable Energy Corporation ASA (REC) reported
revenue of NOK 2,360 million in the first quarter 2010, an increase of 22
percent the first quarter 2009.
Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted
to NOK 415 million in the first quarter 2010, compared to NOK 510 million in the
first quarter 2009.  The EBITDA margin thus declined to 18 percent from 26
percent in the first quarter 2009.

Operating profit (EBIT) was a negative NOK 125 million in the first quarter,
compared to NOK 298 million in the first quarter 2009. The main reasons for the
negative operating results are reduced sales prices, expansion and ramp-up costs
and increased depreciation on assets taken in use.

Net financial items amounted to NOK 855 million in the first quarter, up from
NOK 351 million in the first quarter last year. Profit before tax was thus NOK
730 million in the first quarter 2010, compared to NOK 650 million in the first
quarter 2009.

President and CEO Ole Enger of REC will give a presentation together with
members of the management team at 08:00 hrs Norwegian time/CET at the conference
centre Oslo Konserthus, Munkedamsveien 14, 0250 Oslo (www.oslokonserthus.no
<

http://www.oslokonserthus.no>).

The presentation, held in English, will be broadcasted live over the Internet,
and can be accessed from:www.recgroup.com <

http://www.recgroup.com>.

It will also be possible to listen to the presentation through a conference
call. Please make sure to dial in 10 minutes prior to scheduled start time on
one of the following numbers:
Conference ID: 9435222):

Norway free call: 800 19 640
UK free call: 0 800 028 1243
USA free call: 1 888 935 4575
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:
Type account number 1524 followed by # (pound-sign) and press 1
Continue by typing the conference number: 524 followed by # (pound-sign) and
press 1 to play

For more information, please contact:
Mikkel Tørud, VP and Investor Relations Officer, Tel: [phone]

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 visitwww.recgroup.com <

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

This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)


[HUG#1409023]





    Q1 report: 

http://hugin.info/136555/R/1409023/361620.pdf