REC ASA - Final results of the rights issue

Sandvika, July 17, 2009. The final result of the rights issue shows
that REC received subscription for a total of 269,474,606 new shares,
170,453,354 new shares were offered. Thus, the rights issue was
oversubscribed by close to 60 percent.

Reference is made to the notice published on July 14, 2009 following
the expiration of the subscription period in the fully underwritten
rights issue.

REC has today, July 17, 2009, resolved allocation of the new shares
to be issued in the rights issue. By the end of the subscription
period, REC had received subscriptions for a total of 269,474,606 new
shares. Major existing shareholders being part of the underwriting
agreement have subscribed for a total of approximately 101 million
new shares according to their underwriting obligation. 170,453,354
new shares were offered. The rights issue was oversubscribed by close
to 60 percent and consequently the underwriting commitments were not
utilised.

Approximately 99 percent (approximately 168.8 million shares) of the
offered shares, were subscribed for by utilising subscription rights.
Approximately 59 percent (approximately 100.7 million shares) of the
offered shares were oversubscribed or subscribed for without
subscription rights.

Based on the allocation principles described in the prospectus dated
June 23, 2009, approximately 168.8 million new shares were allocated
to subscribers according to held subscription rights. Approximately
1.7 million new shares were allocated to holders of subscription
rights that oversubscribed. No allocation was made to subscribers
without subscription rights.

Notifications of allocated new shares and the corresponding
subscription amount to be paid by each subscriber are expected to be
distributed in letters from VPS today, July 17, 2009.

Through the rights issue, REC will receive proceeds amounting to
approximately NOK 4,517 million before transaction costs.

The payment for the new shares falls due on July 21, 2009 in
accordance with the payment procedures described in the prospectus.

The new shares may not be transferred or traded before they are fully
paid and the share capital increases have been registered with the
Norwegian Register of Business Enterprises and the new shares
registered in the VPS. It is expected that the share capital increase
pertaining to the new shares will be registered in the Norwegian
Register of Business Enterprises on or about July 23, 2009 and that
the new shares will be delivered to the subscribers' VPS accounts on
or about July 24, 2009.

The share capital of REC will as a consequence of the rights issue be
increased with NOK 170,453,354 by issue of 170,453,354 new shares.
Following registration of the share capital increase, the Company's
share capital will be NOK 664,768,079 divided into 664,768,079
shares.

For the rights issue, DnB NOR Markets acted as Global Coordinator and
Joint Bookrunner, and ABN AMRO, BNP Paribas and Nordea Markets acted
as Joint Lead Managers and Joint Bookrunners.

About REC
REC is the leading vertically  integrated player in the solar  energy
industry. REC Silicon  and REC  Wafer are among  the world's  largest
producers of polysilicon and wafers  for solar applications, and  REC
Solar is a rapidly growing  manufacturer of solar cells and  modules.
REC Group had revenues of NOK  8,191 million and an operating  profit
of NOK 2,529  million in 2008.  About 2,500 employees  work in  REC's
worldwide organization. Please also see www.recgroup.com.


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                           UNITED STATES:

This press release does  not constitute or form  part of an offer  or
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in the  United  States  absent  registration  or  an  exemption  from
registration as  provided in  the  U.S. Securities  Act of  1933,  as
amended. The Company 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
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