REC ASA - Securing long-term financing

Sandvika, May 19, 2009; REC has today resolved to strengthen the
company's financial position in order to ensure sufficient financial
flexibility going forward. This will be done through; (i)
restructuring of existing debt, (ii) adding new credit lines
including a bond issue, and (iii) issuing new shares through a fully
underwritten rights issue. The aggregate liquidity effect of the debt
and equity measures will be in the range of NOK 7 - 9 billion.

In terms of debt, the company has successfully restructured  existing
debt and is adding new credit lines, including a bond issue, which in
total are expected to amount  to NOK 3 -  5 billion. REC has  engaged
DnB NOR Markets, Nordea and SEB as Joint Lead Arrangers for the  bond
issue. Offering a REC-bond  to the financial market  is in line  with
the strategy to diversify the company's sources of funding.

REC has also received  an offer to  revise financial covenants  under
the existing debt facilities.

In terms  of  equity, REC  intends  to complete  an  equity  offering
through issuance of new shares to raise approximately NOK 4  billion.
The  proposed  equity   offering  will  be   conducted  as  a   fully
underwritten rights  issue, to  facilitate equal  treatment of  REC's
more than  25,000 shareholders.  The rights  issue will,  subject  to
certain conditions, be fully underwritten by REC's main  shareholders
Orkla/Elkem and Hafslund  (with a percentage  corresponding to  their
respective  ownership  interest)  and  other  shareholders  including
Folketrygdfondet  (together   representing   about  60   percent   of
outstanding shares), and a bank  syndicate including DnB NOR  Markets
(acting as Global Coordinator and Joint Bookrunner), Nordea, ABN AMRO
and BNP  Paribas (acting  as Joint  Lead Managers  and  Bookrunners).
Freely tradable subscription  rights will be  applied for listing  on
the Oslo Stock Exchange.

"Contact with  our shareholders  has indicated  that our  owners  are
highly  supportive  of  the  company  taking  action  to  ensure  our
long-term financial flexibility. Through new equity and significantly
improved credit lines, we  have taken the  necessary steps to  secure
long-term financing of  our ongoing capital  expenditure program  and
provided a  foundation for  developing potential  opportunities in  a
growing industry", says Ole Enger, President and CEO.

REC will call for an extraordinary general meeting ("EGM") to be held
on June 5, 2009 to resolve the rights issue. According to the current
timetable, and  subject  to approval  by  the EGM,  the  subscription
period  for  the  rights  issue   and  the  period  for  trading   of
subscription rights are  expected to  commence on or  about June  12,
2009 and end  on or  about June 26,  2009. The  company's shares  are
expected to  be  traded exclusive  of  subscription rights  from  and
including June 8, 2009.

Terms of the rights issue,  including the subscription price and  the
number of  shares to  be issued,  will be  proposed by  the Board  of
Directors and are expected to be announced on or about June 5,  2009.
The company will also prepare and publish a prospectus for the rights
issue, which will be subject to  approval by the Oslo Stock  Exchange
prior to publication.

For more information, please contact;
Bjørn Brenna, EVP & CFO, [phone]
Jon André Løkke, SVP & Investor Relation Officer, [phone]

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
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