REC Signs Singapore’s Largest Solar Supplier Agreement to Date with Housing Development Board

The Housing Development Board of Singapore (HDB) and REC today announce that the Company will supply REC solar modules for HDB homes.

REC successfully won the 1 MW tender to supply PV panels for residential rooftop installations for HDB homes in 6 precincts against 13 other companies. This is currently the largest single solar panel procurement agreement Singapore has ever completed and will translate into PV panel installations for about 25 housing blocks covering 1.5 times the size of a football field. CEO of HDB, Tay Kim Poh stated "as the public housing agency for Singapore with a stock of over 9000 residential blocks, HDB has a key role to play in supporting Singapore’s commitment to sustainable development. This is a huge step forward in our sustainable development efforts. HDB will continue to look into more ways to improve the living environment for residents through innovations and the optimization of environmental targets”. This is part of HDB’s solar capability building program which aims to build up expertise in solar energy generation, to achieve proficiency in design and installation, as well as cost-effectiveness and enhanced maintainability.

Installation of the REC Peak Energy Series modules will begin in the fourth quarter of 2010. "REC is honored to be selected as a supplier for HDB. This is a strong recognition of the commitment and the quality of the work of our organization in Singapore", said John Andersen Jr., EVP and Group COO, REC.

The supplier agreement was signed on July 12^th by Tay Kim Poh and Andreas Balzer, General Manager, REC Systems, APAC. REC has developed one of the world's most integrated and automated solar energy manufacturing sites in Singapore. Approximately 1300 people are working at the site which will reach full production capacity of 740 MW for wafers, 550 MW for cells and 590 MW for modules by 2012. The official opening of the REC Singapore facility will take place in November 2010. In addition to production facilities, REC has offices for sales and systems development in Singapore from which it is developing commercial activities throughout Asia.

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 more than 3,000 people worldwide. REC had revenues of approximately EUR 1 billion in 2009. Please visit www.recgroup.com to learn more about REC.