Reference is made to the stock exchange announcements dated July 27, 2012 and August 14, 2012 and the prospectus dated July 27, 2012 (the "Prospectus") regarding, inter alia, the subsequent repair offering (the "Subsequent Offering") of minimum 1 and maximum 250,000,000 new shares (the "Offer Shares") in Renewable Energy Corporation ASA ("REC" or the "Company").

The subscription period for the Subsequent Offering commences today and will expire on September 3, 2012 at 16.30 hours (CET). The subscription price per Offer Share is NOK 1.50.

Existing shareholders in the Company as of July 3, 2012 (as registered in the Norwegian Central Securities Depository (the "VPS") as of July 6, 2012) (the "Record Date"), who were not invited to participate in the NOK 1,300 million private placement in the Company (the "Private Placement") completed on July 31, 2012, and who are not resident in a jurisdiction where an offering would be unlawful, or for jurisdictions other than Norway, would require any prospectus filing, registration or similar action (the "Eligible Shareholders") have received non-transferable subscription rights (the "Subscription Rights"), that, subject to applicable law, provide the right to subscribe for, and be allocated, Offer Shares in the Subsequent Offering. Each Eligible Shareholder has been granted 0.6295 Subscription Rights for each share in the Company registered as held by such Eligible Shareholder as of the Record Date (rounded down to the nearest whole Subscription Right). Each Subscription Right will, subject to applicable securities laws, give the right to subscribe for, and be allocated, one Offer Share in the Subsequent Offering. Over-subscription is allowed, but the Subsequent Offering will be limited to a maximum issue of 250 million Offer Shares. In the event not all issued Subscription Rights are exercised, Eligible Shareholders who have over-subscribed will be allocated additional Offer Shares proportionally to the number of Subscription Rights they have exercised. Subscription without Subscription Rights will not be allowed. Subscription rights not used to subscribe for Offer Shares prior to expiry of the subscription period will have no value and will lapse without compensation to the holder. The Subsequent Offering is further described in the Prospectus.