Hafslund Venture AS, which is represented at the board of Renewable Energy Corporation ASA ("REC"), has today subscribed for 24,279,834 shares at a subscription price of NOK 26.50 per share in the rights issue in REC.

 

The subscription involves that Hafslund Venture AS subscribes for all allotted subscription rights. At completion of the rights issue Hafslund Venture AS will own 94,691,354 shares in the company, and accordingly maintain its ownership interest in REC of 14.24 %.

 

The subscription has been made on certain conditions as described in the prospectus.

 

 

Hafslund ASA

Oslo, 29 June 2009