Mandatory notification of trade - Allocation to...

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 26, 2010: With reference to the final result of the rights issue
in Renewable Energy Corporation ASA ("REC") as announced yesterday, the
following primary insiders have been allocated shares in accordance with the
principles set out in the prospectus.

Primary insider Roar Engeland (Board member in REC) and related parties has
subscribed to 60,000 new shares according to all subscription rights bought
during the subscription period. In addition, Mr. Engeland and related parties
oversubscribed by a total of 60,000 shares and was allocated 2,839 shares
through the allotment process. After this transaction, Mr. Engeland and related
parties hold 62,839 shares and 0 options in REC.

Primary insider Tore Schiøtz (Board member in REC) and related parties has
subscribed to 169,724 new shares according to all the subscription rights
received. In addition to rights received, Mr. Schiøtz and related parties
oversubscribed by a total of 50,276 shares and was allocated 8,033 shares
through the allotment process. After this transaction, Mr. Schiøtz and related
parties hold 566,017 shares and 0 options in REC.

Primary insider Ole Enger (President & CEO in REC) has subscribed to 6,858 new
shares according to all the subscription rights received. In addition to rights
received, Mr. Enger oversubscribed by a total of 692 shares and was allocated
323 shares through the allotment process. After this transaction, Mr. Enger and
related parties hold 20,897 shares and 138,962 options in REC.

Primary insider John Andersen, Jr. (Executive Vice President - REC Solar & Group
COO) has subscribed to 95,413 new shares according to all the subscription
rights received. In addition to rights received, Mr. Andersen oversubscribed by
a total of 9,587 shares and was allocated 4,516 shares through the allotment
process. After this transaction, Mr. Andersen and related parties hold 290,755
shares and 123,740 options in REC.

Primary insider Tore Torvund (Executive Vice President - REC Silicon) has
subscribed to 4,814 new shares according to all the subscription rights
received. After this transaction, Tore Torvund and related parties hold 14,443
shares and 88,530 options in REC.

Primary insider Einar Kilde (Executive Vice President - REC Wafer) has
subscribed to 342 new shares according to all the subscription rights received.
In addition to rights received, Mr. Kilde oversubscribed by a total of 34 shares
and was allocated 16 shares through the allotment process. After this
transaction, Mr. Kilde and related parties hold 1,043 shares and 116,967 options
in REC.

Primary insider Bjørn Brenna (Executive Vice President & CFO in REC) and related
parties has subscribed to 27,391 new shares according to all the subscription
rights received. In addition to rights received, Mr. Brenna and related parties
oversubscribed by a total of 3,109 shares and was allocated 1,290 shares through
the allotment process. After this transaction, Mr. Brenna and related parties
hold 83,468 shares and 124,015 options in REC.

Primary insider Kristine Ryssdal (Senior Vice President - Chief Legal Officer in
REC) has subscribed to 342 new shares according to all the subscription rights
received. In addition to rights received, Ms. Ryssdal oversubscribed by a total
of 158 shares and was allocated 15 shares through the allotment process. After
this transaction, Ms. Ryssdal and related parties hold 1,042 shares and 99,432
options in REC.

Primary insider Erik Sauar (Senior Vice President & CTO in REC) and related
parties has subscribed to 71,864 new shares according to all the subscription
rights received. In addition to rights received, Mr. Sauar and related parties
oversubscribed by a total of 8,136 shares and was allocated 75,265 shares
through the allotment process. After this transaction, Mr. Sauar and related
parties hold 495,424 shares and 105,436 options in REC.

Primary insider Svànaug Bergland (Senior Vice President - Organizational
Development & Corporate Communications in REC) has subscribed to 6,902 new
shares according to all the subscription rights received. After this
transaction, Ms. Bergland and related parties hold 20,707 shares and 76,039
options in REC.

Primary insider Mikkel Tørud (Vice President & Investor Relations Officer in
REC) has subscribed to 874 new shares according to all the subscription rights
received. After this transaction, Mr. Tørud and related parties hold 2,622
shares and 25,879 options in REC.

Primary insider Unni Kristiansen (Employees elected representative to the Board
in REC) has subscribed to 1,348 new shares according to all the subscription
rights received. After this transaction, Ms. Kristiansen and related parties
hold 4,044 shares and 0 options in REC.

Primary insider Anders Langerød (Employees elected representative to the Board
in REC) has subscribed to 67 new shares according to all the subscription rights
received. After this transaction, Mr. Langerød and related parties hold 201
shares and 0 options in REC.

Primary insider Silje Johnsen (Deputy employee representative to the Board in
REC) has subscribed to 501 new shares according to all the subscription rights
received. In addition to rights received, Ms. Johnsen oversubscribed by a total
of 2,999 shares and was allocated 22 shares through the allotment process. After
this transaction, Ms. Johnsen and related parties hold 1,525 shares and 0
options in REC.


* 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 visitwww.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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