Q-Cells in Placement of 85 Million Shares in Renewable Energy Corporation

May 12, 2009

Cleary Gottlieb advised long-standing client Q-Cells SE in the €530 million placement of 84,956,767 shares in Renewable Energy Corporation ASA. The shares were sold to institutional investors in a private placement. Citigroup, Morgan Stanley, ABG Sundal Collier, Dresdner Kleinwort/Commerzbank and UniCredit Group acted as bookrunners for the placement. The transaction closed on May 12.

Cleary Gottlieb has advised Q-Cells in various transactions, for example recently in its joint venture with Good Energies and NorSun creating Sunfilm, one of the world’s leading manufacturers of thin film solar cells, and as borrower in a revolving bridge facility in May 2008 and March 2009, in an offering of convertible bonds in February 2007 and in its IPO in 2005.