Renewable Energy Corporation: New President and CEO

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The Board in REC and President and CEO Erik Thorsen have agreed that Thorsen is leaving the company. The Board wishes to express its thanks for the significant effort, energy, professionalism and enthusiasm that have characterized the management of REC during Thorsen's time, and which has contributed to REC's current position as one of the leading solar energy companies in the world.

Ole Enger is 61 years old and has had an extensive career within international business. He was until recently CEO of SAPA AB, the world's leading company within the aluminium profiles industry and Executive Vice President in Orkla ASA. From 1992 until 2005 he was President and CEO of Elkem ASA, for many years the world's leading silicon producer. Before this, he spent 6 years in Norsk Hydro ASA, where he has held a number of top management positions. Enger has been a member of the REC Board since 2005 and has been Chairman of the Board since 2007.

"REC holds a leading position within a future-oriented industry with great growth opportunities. The Company has a competent and motivated organisation which will carry the technological development forward, continue expanding capacity over 3 continents and ensure that REC continues to move down the cost curve", says Ole Enger.

"The main task from now on will be to further develop a strong industrial culture that ensures good and predictable operations. At the same time it is clear that also the solar industry will have to manoeuvre through the ongoing financial and economic crisis. Until now this crisis has only increased in strength and this could, as reported by the company after the 4th Quarter, have consequences for REC's financial development. It will thus be important for the Management and the Board to ensure that the company safely manoeuvres through the turbulent market situation we are currently experiencing", Ole Enger continues.

"The long-term fundamentals for solar remain strong, driven by increased energy demand, energy security, climate change, and political measures implemented globally. Through the considerable capacity expansion carried out by REC, we are in a good position to benefit from future demand within the renewable energy industry", Ole Enger concludes.

Ole Enger has resigned as Chairman and Member of the Board in order to take on his new position as President and CEO of REC. The Board's Vice Chairman, Tore Schiøtz is elected Chairman of the Board until the General Meeting in REC the 19th May 2009.

REC's Nomination Committee will suggest that Orkla's President and CEO Dag J. Opedal is elected onto the Board at the next General Meeting, and thereafter elected Chairman of the Board.

For more information, please contact:
Ole Enger, +47 911 38 223
Tore Schiøtz, +47 915 21 719

About REC
REC is uniquely positioned as one of the most integrated companies in the solar energy industry. REC Silicon and REC Wafer are the world's largest producers of polysilicon and wafers for solar applications. REC Solar produces solar cells and solar modules and engage in project development activities in selected segments of the PV market. REC Group had revenues in 2008 of NOK 8,191 million and an operating profit of NOK 2,529 million. Please also see
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