REC: Share capital increase registered

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES

Sandvika, May 24, 2013: Reference is made to the stock exchange notice dated May 15, 2013 regarding the private placement  in Renewable Energy Corporation ASA ("REC" or the "Company") comprising the issuance of 200,000,000 new shares. The share capital increase pertaining to the private placement has now been registered with the Norwegian Register of Business Enterprises.

The Company's new registered share capital is NOK 2,313,818,785, divided into 2,313,818,785 shares, each with a nominal value of NOK 1.00.

The new shares issued in the private placement are automatically listed and tradable on Oslo Børs.

For further information, please contact:

Mikkel Tørud,
SVP Investor Relations & Business Development, REC
Telephone: +47 976 99 144
Email: mikkel.torud@recgroup.com

This press release does not constitute or form part of an offer or solicitation to sell, purchase or subscribe for securities in the United States. The securities referred to herein may not be offered or sold 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 any securities in the United States or to conduct a public offering of any securities in the United States. Copies of this announcement are not being made and may not be distributed or sent into the Australia, Canada, Japan or the United States or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures.

About REC
REC is a leading global provider of solar electricity solutions. With nearly two decades of expertise, we offer sustainable, high-performing products, services and investment opportunities for the solar and electronics industries. Together with our partners, we create value by providing solutions that better meet the world's growing electricity needs. Our 2,200 employees worldwide generated revenues of more than NOK 7 billion in 2012, approximately EUR 1 billion or USD 1.3 billion.

To see more of what REC can offer, visit www.recgroup.com

This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)