First quarter 2011

Sandvika, May 4, 2011: Renewable Energy Corporation ASA (REC) reported first
quarter 2011 revenues of NOK 4.1 billion, EBITDA of NOK 1.4 billion and EBIT of
NOK 0.8 billion. Net debt was reduced by NOK 0.6 billion in the quarter to NOK
7.4 billion.

The positive trend in demand in the solar market continued in the beginning of
2011. However, seasonal effects and uncertainties relating to the subsidy scheme
in Italy led to reduced growth in demand and price pressure towards the end of
the first quarter.

Revenues were down 16 percent from a strong fourth quarter 2010, mainly
explained by reduced sales volumes of all products. Average selling prices for
polysilicon were fairly stable, while average selling prices for wafers and
modules were down four percent compared to the previous quarter.

EBITDA was NOK 1,449 million in the first quarter. Excluding special items,
EBITDA amounted to NOK 1,402 million, down from NOK 1,503 million in the
previous quarter. The correspondingly adjusted EBITDA margin improved three
percentage points to 34 percent, reflecting operational improvements which more
than offset reduced average selling prices.

EBIT was NOK 772 million in the first quarter, compared to NOK 1,134 million in
the previous quarter.

Interest expenses were reduced compared to the previous quarter. However,
accounting effects of convertible bond at fair value, currency adjustment of
embedded derivatives and internal loans contributed to negative net financials
of NOK 856 million.

Negative net financial items contributed to a loss before tax of NOK 84 million
in the first quarter, compared to a profit before tax of NOK 1,226 million in
the previous quarter.

Basic EPS from continuing operations was NOK -0.11 in the first quarter,
compared to NOK 0.78 in the previous quarter.

For more information, please see the attached first quarter 2011 report and
spreadsheet with detailed financial information.


*****

Morning program:

On the release day, President and CEO Ole Enger of REC will give a presentation
together with other members of the management team. The presentation will take
place at 08:00 hrs Norwegian time/CET at the conference centre Høyres Hus,
Stortingsgaten 20, 0161 Oslo (www.hoyreshus.no).

The presentation, held in English, will be broadcasted live over the Internet,
and can be accessed from: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 code: 3934043

Norway Toll Free: 800 19 640
UK Toll Free: 0800 028 1243
USA Toll Free:  1888 935 4575
International Toll: [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
in 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:

1. Type pincode 1524 followed by # (pound-sign)
2. Continue by typing reference number 524 followed by # (pound-sign)


For more information, please contact:

Mikkel Tørud, VP and Investor Relations Officer, Tel: +47 976 99 144
Peder Poulsson, Investor Relations analyst, Tel: +47 950 26 311


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
3,900 people worldwide. REC had revenues close to NOK 14 billion in 2010.
Please visitwww.recgroup.com to learn more about REC.


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



Q1 Report: 


http://hugin.info/136555/R/1512149/447642.pdf

Quarterly financial figures: 


http://hugin.info/136555/R/1512149/447643.xls




This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
    
Source: Renewable Energy Corporation ASA via Thomson Reuters ONE

[HUG#1512149]