Rights issue approved by the EGM

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, April 29, 2010. An Extraordinary General Meeting of the shareholders
of Renewable Energy Corporation ASA ("REC") was held today, April 29, 2010, at
10:00 (Oslo time).

Further to the notice for Extraordinary General Meeting issued on April 6, 2010
and the release earlier today in which the final terms of the rights issue as
proposed by the Board was announced, the Extraordinary General Meeting approved
the Board's proposed resolution.

The REC share will, for trades subject to ordinary T+3 settlement in VPS,
consequently trade exclusive of the right to receive subscription rights in the
rights issue from and including tomorrow, April 30, 2010. Detailed terms of the
rights issue will be included in the prospectus, expected to be published on or
about May 6, 2010.

The minutes from the Extraordinary General Meeting recording the resolutions
made are enclosed hereto, and are also available on REC`s website
atwww.recgroup.com <

http://www.recgroup.com/>. 398,601,556 shares were
represented, corresponding to 59,96% percent of the share capital.

* See additional important information below.

For more information, please contact;
Bjørn Brenna, EVP & CFO, [phone]
Mikkel Tørud, VP & IRO, [phone]
For press & media:
Kristin Nordal, Corporate Communications Manager, [phone]

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This release is not for publication or distribution, in whole or in part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
<

http://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)


[HUG#1409970]





    Minutes: 

http://hugin.info/136555/R/1409970/362531.pdf