REC ASA - REC Silicon to receive US Federal Tax Credits for Job-Creating Investments

Sandvika, January 12, 2010:

U.S. President Barack Obama on Friday January 8, 2010 announced the award of $2.3 Billion in Federal Tax Credits for investment in advanced energy manufacturing projects. 

REC has received confirmation that its US subsidiary, REC Silicon, has been awarded approximately $155 million in Recovery Act Advanced Energy Manufacturing Tax Credits. REC is pleased to have been awarded these tax credits, and is in the process of assessing how the credits will be applied and implemented.

For further information, please contact:

IRO Mikkel Tørud, tel + 47 976 99 144

About REC

REC is the leading vertically integrated player in the solar energy industry. REC Silicon and REC Wafer are among the world's largest producers of polysilicon and wafers for solar applications. REC Solar is a rapidly growing manufacturer of solar cells and modules, and are also engaging in project development activities in selected segments of the PV market. REC had revenues of NOK 8 191 million and an operating profit of NOK 2 529 million in 2008. More than 3 000 employees work in REC's worldwide organization. Please also see www.recgroup.com