Extraordinary general meeting in Renewable Energy Corporation ASA (REC)

Sandvika, February 14, 2011: The board of REC has today, upon request from Orkla ASA, decided to call for an extraordinary general meeting to substitute board members Dag J. Opedal and Roar Engeland as board members of REC.

Orkla informs that Opedal and Engeland, on the basis that they have left or announced to leave Orkla, have asked Orkla to initiate a process to replace them as board members of REC at a suitable time.

Orkla has proposed to the nomination committee to substitute board members Opedal and Engeland with Bj�rn Wiggen (CEO Orkla) and Svein-Tore Holsether (EVP Orkla) from the time of the extraordinary general meeting to the ordinary general meeting May 25, 2011. The nomination committee has accepted the proposal.

The Board shall, in accordance with the Norwegian Public Limited Companies Act section 5-7 call for an extraordinary general meeting upon request from a shareholder representing at least 5% of the share capital. Orkla owns approximately 39,73% of the shares of REC.

"I want to thank Mr. Opedal and Mr. Engeland for their significant contribution to the development of REC in a challenging time for the company", says President and CEO of REC Ole Enger.

Notice with further details will be announced and distributed according to standard procedures.

For further information, please contact:
VP & IRO Mikkel T�rud, tel +47 976 99 144

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 4,200 people worldwide. REC had revenues in close to NOK 14 billion in 2010.  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)