REC Announces Construction of 24 MW Solar Power Plant in Italy

SANDVIKA, Norway, February 3, 2011 - REC Systems, a business unit of REC, has developed and financed, and is
now constructing together with ABB, a 24.2 MW solar power plant located in
the Lazio region of Italy using 100,000 REC modules.

The project is the largest lease financing solution for a photovoltaic
project in Italy. Organized in a special purpose vehicle company named Phenix
Renewables SRL, it received all required authorizations in March, 2010. The
installation is financed through a leasing structure with the financial close
and first draw-down on the financing completed in early January. Unicredit
Leasing (Unicredit Group), Leasint (Banca Intesa Group) and BNP Paribas
Leasing Solutions (BNP Paribas) are providing the lease financing for the
plant. The future equity owners include CEF Energia B.V., a BNP Paribas Fund
with a 70 percent stake, and MedEnergy Group with a 30 percent stake.

Construction of the power plant started immediately after financial close
and will be managed by ABB and REC who have formed a temporary EPC
consortium. The installation, which will cover around 95 hectares, consists
of more than 100,000 high performing REC Peak Energy modules. The plant will
produce around 37 million kWh, equal to the energy consumption of around 14
000 families, and will offset 18 500 tons of CO2 per year.

"REC is pleased to work with BNP Paribas and ABB to realize this landmark
project. Good collaboration with the banks throughout the development process
made it possible to utilize an efficient financing solution," said John
Andersen Jr, Executive Vice President and Group COO, REC.

In Europe REC Systems has offices in Munich, Germany and Milan, Italy,
managing the development, design, installation and financing for large scale
rooftop and free field projects.

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 around 4,100 people worldwide. REC had revenues of
approximately EUR 1 billion in 2009. Please visit
www.recgroup.com to learn more about REC.

For further information, please contact:

Terje Pilskog, Senior Vice President, Systems and Business Development,
REC, +49-175-57-41-095

Terje Pilskog, Senior Vice President, Systems and Business Development, REC, +49-175-57-41-095