REC offering

The board of directors of Renewable Energy Corporation ASA on 20 April 2006 resolved to offer 73,000,000 new shares and 1,600,000 secondary shares in the global offering of new shares to be completed in connection with the listing of the company`s shares on Oslo Børs.
 
The indicative price range has been set at between NOK 69 to NOK 88 er share. The book building and application period will run from 24 April 2006 to 8 May 2006, both dates inclusive, subject to approval of the Prospectus by Oslo Børs and also subject to extension. It is expected that dealings in the shares on Oslo Børs will commence on or about 9 May 2006.
 
Not for distribution to United States news services or for dissemination in the United States or elsewhere where such dissemination is not appropriate.
 
This press release is issued pursuant to the requirements of Norwegian law and the Oslo Børs and is not intended to be an offer to sell the securities. This press release may not be relied upon by any person to whom it was not intended to be provided.
 
These materials are not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Renewable Energy Corporation ASA has not registered, and does not intend to register, any portion of the offering in the United States.
 
The annual general meeting of Renewable Energy Corporation ASA (`REC` or the `Company`) resolved on 20 April 2006 to issue up to 73,000,000 shares, each with a par value of NOK 1, in connection with the global offering of shares in the Company to be made in connection with the listing of the shares of REC on Oslo Børs. The general meeting authorized the Board of Directors to determine the final number of shares to be offered and issued, as well as the indicative offer price range and the final subscription price. The Board was also authorized to divide the total number of shares in separate tranches with different subscription prices so that a specific number of shares may be
subscribed for at prices lower than other shares.
 
In a subsequent meeting of the board of directors of REC on 20 April 2006, the board of directors resolved, pursuant to the resolution and authorization from the general meeting,  that the:
  • Number of shares to be offered in the global offering shall be 73,000,000 new shares and 1,600,000 secondary shares
  • Indicative Offer Price Range shall be between NOK 69 and  NOK 88 per share
  • Investors in the retail offering will be given a discount of 10% of the first round lot
  • Bookbuilding and application period shall run from 24 April 2006 to 8 May 2006 (both dates inclusive and subject to approval of Prospectus by Oslo Børs and to extension)
A prospectus is being prepared in connection with the listing and the global offering, and will be published and made available prior to start of the bookbuilding and application period, as soon as necessary approvals have been obtained from Oslo Børs. It is expected that dealings in the shares on Oslo Børs will commence on or about 9 May 2006.
 
ABG Sundal Collier Norge ASA and UBS Limited are the Joint Global Coordinators and Joint Bookrunners for the global offering. Credit Suisse Securities (Europe) Limited and DnB NOR Markets ASA are co-lead managers, and Advokatfirmaet Schjødt AS and Holland & Knight LLP are acting as legal advisors to REC.

For further information, please contact:
Erik Thorsen, CEO
+47 90756685