January 2, 2007

Høvik, Norway: John Andersen, Jr. Appointed EVP REC Solar & Group COO

To reflect Renewable Energy Corporation ASA's (REC's) expanded strategic focus on cells, modules and systems, the REC Solar division's overall organizational and management structure has been changed effective 1 January 2007.

To head up the extended REC Solar division, EVP REC Wafer John Andersen, Jr. has from this date been appointed EVP REC Solar & Group COO.

In his new role as Group COO, Mr. Andersen will be the REC Group President & CEO Erik Thorsen's deputy. Hence he will be engaged in internal and external activities on behalf of the CEO. Mr. Andersen (b. 1967) holds a Master degree in Business and Economics (Finance), from the Norwegian School of Management. He joined REC in August 2001, and was appointed EVP REC Wafer in October 2004.

The process of recruiting a new EVP REC Wafer has already been initiated. Until a new person is on board, Mr. Andersen will remain responsible for the REC Wafer division.

Further details about: REC Group