REC ASA - Completion of IPO and listing on Oslo Børs

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.
 
Høvik, May 9, 2006: Renewable Energy Corporation ASA (REC) today announced its initial public offering of common stock on Oslo Børs under the trading symbol "REC".
 
The initial public offering price was set at NOK 95 per share, at which the offering was approximately 15 times oversubscribed. The market capitalization of REC based on the offering price is approximately NOK 46.9 billion.
 
ABG Sundal Collier and UBS Investment Bank acted as Joint Global Coordinators and Joint Bookrunners for the offering.