Sale of Sovello AG completed
Sandvika, April 22, 2010: REC, Evergreen and Q-Cells have completed the sale of Sovello AG to Ventizz Capital Fund IV, L.P.
Reference is made to the stock exchange notification on March 24, 2010, in which REC announced the entry into an agreement for the sale of 100 percent of the shares and the shareholder loans in Sovello. The acquirer is a Jersey-based private equity fund being advised by Ventizz Capital Partners AG, Germany. The transaction was subject to certain closing conditions. All closing conditions have now been fulfilled.
REC Silicon will continue to supply polysilicon to Sovello, but with reduced annual volumes.
For further information, please contact;
Mikkel Tørud VP & Investor Relation Officer; +47 976 99 144About 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 visit www.recgroup.com
to learn more about REC.
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)