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Press release - Statkraft sells 3.3 MWp solar project Borgo to Innotech Solar

(Oslo, 16 November 2010) Statkraft yesterday signed an agreement to sell its solar project company RA 2 S.r.l. to ITS Power AG, a daughter company of Norwegian solar company Innotech Solar AS.

The company RA 2 was established in 2007 as a project development vehicle. RA 2 owns the 3.3 MWp solar project Borgo, which is under development in the municipality of Latina, 70 kilometres south of Rome, Italy.

The Borgo project has obtained detailed grid connection from ENEL, and Innotech Solar is expecting the project to be fully permitted by 2011.

"Innotech Solar sees Italy as one of the most promising countries for solar power in 2011, and taking over the Borgo project give a flying start in this market. The bright energy from this planned power plant will deliver electricity to more than 1000 homes over minimum 25 years," says Robert Kröni, EVP Power plants.

The sale of RA 2 follows the Statkraft decision in June 2010 to focus its strategy on the core businesses of hydropower, wind power, gas power and district heating.

About Statkraft:
Statkraft is Europe's leader in renewable energy. The group develops and generates hydropower, wind power, gas power and district heating, and is a major player on the European energy exchanges. Statkraft has more than 3,200 employees in more than 20 countries.

About Innotech Solar:
Innotech Solar delivers high quality solar cells, modules and entire solar power plants. The company's unique technology combines high quality and low cost, ensuring customers always receive the best solutions possible.

For further information, please contact:

Lars Magnus Günther, Communications advisor, Statkraft AS
Phone: +47 24 06 71 50/ +47 912 41 636

Robert Kröni, EVP Power plants, Innotech Solar AS
Phone: +41 44 515 1279

Thor-Christian Tuv, CEO, Innotech Solar AS
Phone: +47 959 27 203

www.statkraft.no, www.innotechsolar.com

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