Norwegian Solar Company Sells German Power Plant To Investors

REC Systems, a business unit of
Renewable Energy Corporation (REC), has sold a 6 MW solar power plant that it successfully
developed, financed, and constructed in Bitterfeld, Germany to two investment
companies in the Chorus Group. Originally developed by Grune Energien GmbH, REC
Systems took full control of the project in September 2011 -- when it was less
than 50 percent developed -- and provided the necessary project development,
financing, and streamlined construction. REC completed construction of the
plant in December 2011, ensuring the plant's eligibility for the higher 2011
feed-in tariff.

The ground-mounted system in
Bitterfeld consists of 27,096 high performance REC modules installed on an area
of 13 hectares, with an annual capacity of approximately 6,101 MWh and 3,435
tons of CO2 emissions saved each year.

The project was sold to two investment
companies in the Chorus Group, with project financing from DKB AG (Deutsche
Kreditbank AG). "We are extremely happy to acquire yet another
state-of-the-art solar power plant from REC Systems," said Thomas Laumont,
Managing Director, Chorus Cleantech Management GmbH. "REC Systems'
management of the development and building of this project ensures the
reliability of this solar power plant for the years to come."

"Chorus is a knowledgeable and
experienced investor in solar energy plants, valuing REC's efficient modules
and high-quality solutions. We are delighted to be their partner once
again," said Terje Pilskog, Senior Vice President, Systems and Business
Development, REC.

This is not the first
investment in REC modules by Chorus. In 2011, Chorus acquired several systems
built in Italy by REC Systems using REC modules