Oslo, 25 November 2009: Hafslund ASA, through its wholly owned subsidiary Hafslund Venture AS, ("Hafslund") has today sold 18 million shares in Renewable Energy Corporation ASA ("REC"), representing approx. 2.7 percent of the outstanding shares. The shares were sold at a price of NOK 35.30. Post transaction, Hafslund will hold 11.5 percent of the outstanding shares in REC.

 

Christian Berg, CEO of Hafslund, comments: - Hafslund will continue to be a long-term owner in REC and has a strong belief in the company going forward. The purpose of this transaction is to realize the capital that was committed in connection with the REC rights issue in July 2009. The sale also adds to Hafslund's strong liquidity position which is of significant importance as we continue to invest in renewable energy, infrastructure and power sales.

 

Carnegie ASA acted as sole bookrunner in the transaction.

 

Contact information:

Christian Berg

CEO, Hafslund ASA

Tel: +47 917 46 910

 

Senior Vice President Venture in Hafslund, Tore Schiøtz, is a board member in Renewable Energy Corporation ASA (REC).