Ad hoc: Q-Cells SE: Q-Cells launches placing of up to 85 million shares in Renewable Energy Corporation

Q-Cells SE / Disinvestment / Ad hoc: Q-Cells launches placing of up
to 85 million shares in Renewable
Energy Corporation

Ad hoc announcement according to §15 WpHG processed and transmitted
by Hugin. The issuer is solely responsible for the content of this
announcement.

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- Proceeds to increase financial flexibility and support long-term
growth opportunities
- Substantial reduction of net debt and interest expense in the
current financial year
- REC remains an important supplier and partner of Q-Cells

Bitterfeld-Wolfen, 6 May 2009: Q-Cells SE (QCE; ISIN DE0005558662)
intends to place up to approximately 85 million shares in Renewable
Energy Corporation ASA (REC). The shareholding of Q-Cells (84,956,767
shares) amounts to approximately 17.2% of REC's outstanding share
capital. Citigroup, Morgan Stanley, ABG Sundal Collier, Dresdner
Kleinwort/Commerzbank and UniCredit Group are acting as bookrunners
for the placement. A final decision on pricing and sizing of the deal
will be taken following the completion of the bookbuilding process.

The net proceeds from the sale of REC shares will be used to repay
the current drawdown and will reduce the available commitment amount
of the existing syndicated credit facility (EUR 500 million).

With this transaction Q-Cells expects a considerable reduction of its
net debt and interest expense in the current financial year. The
early debt repayment will lead to a reduction in interest expense of
up to EUR 20 million for the current year. This will create
substantial additional flexibility for the financing of the company's
planned investments and will enhance its options to finance long-term
future growth.

REC will continue to be an important partner for Q-Cells following
the transaction. The Norwegian company remains one of Q-Cells' main
suppliers of solar wafers. In addition, REC and Q-Cells are
shareholders in the joint venture Sovello AG, together with Evergreen
Solar.
Contact information:
Q-Cells SE
OT Thalheim
Sonnenallee 17 - 21
06766 Bitterfeld-Wolfen, Germany

Investor Relations:
Stefan Lissner
Phone: +49 - (0)3494 - 6699 10101
investor@q-cells.com

Public Relations:
Stefan Dietrich
Phone: +49 - (0)3494 - 6699 10111
presse@q-cells.com

This announcement is not for publication or distribution, directly or
indirectly, in or into the United States of America (including its
territories and possessions, any state of the United States and the
District of Columbia). This announcement is not an offer of
securities for sale in the United States. The securities referred to
herein have not been and will not be registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in
the United States, except pursuant to an applicable exemption from
registration. No public offering of securities is being made in the
United States.
This announcement is only distributed to and aimed at (i) persons
outside the United Kingdom or (ii) professional investors as per
Article 19(5) of the Financial Services and Markets Act 2000 and the
Financial Promotion Order 2005 (the "Order"), or (iii) high net
wealth companies and other high net wealth persons as per Article
49(2)(a) to (d) of the Order (these persons jointly being termed
"qualified persons"). All of the securities named herein are
available only to qualified persons and any invitation, offer or
agreement to subscribe to, buy or otherwise acquire them is made only
to qualified persons. Persons who are not qualified persons should on
no account act with regard to or in confidence in this information or
its contents.
This announcement is for information purposes only and does not
constitute an offer to sell, or a solicitation or an offer to buy any
securities.

--- End of Message ---

Q-Cells SE
OT Thalheim, Guardianstr. 16 Bitterfeld-Wolfen
Germany

WKN: 555866; ISIN: DE0005558662; Index: CDAX, GEX, Prime All Share,
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