REC ASA - Secures a NOK 2.0 billion wafer sales...

Sandvika, June 25, 2008: REC has entered into a significant long-term
agreement for  supply of  mono-crystalline  silicon wafers  to  China
Sunergy Co. Ltd.  Under the  agreement, REC will  until 2015  deliver
wafers worth more than USD 400 million (~NOK 2.0 billion).

REC Wafer,  currently  significantly expanding  it's  monocrystalline
silicon wafer capacity, has signed  a long-term agreement with  China
Sunergy Co. Ltd, in Nanjing China , (NASDAQ: CSUN) for the supply  of
monocrystaline wafers.

The agreement, which runs until 2015, 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 400 million (~NOK 2.0  billion). Contracts signed since 2006  now
totals close to NOK 35 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,  and  the  recent
contract announced with Suniva in North America", says Erik  Thorsen,
President & CEO.

The deliveries will start in 2009 and continue until 2015. 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 are happy to  partner with China Sunergy,  and to cooperate  with
Dr. Zhao, the world record  holder in cell efficiency on  crystalline
silicon,  and  by   this  further  enhance   the  attractiveness   of
crystalline silicion 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


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