CIVIL AND ELECTRICAL WORK CONTRACT FOR LISTA WIND FARM

5/5/2011 2:55 AM EST

Lista Vindkraftverk AS, a wholly owned subsidiary of Fred. Olsen Renewables AS, which is owned 50/50 by Bonheur ASA and Ganger Rolf ASA, has entered into a contract for civil and electrical work related to the construction of the onshore wind farm “Lista Vindkraftverk” in Vest-Agder, Norway with Veidekke Entreprenør AS. This marks the commencement of the construction of Lista Vindkraftverk. Contracts for wind turbines and other supplies are contemplated entered into during May 2011. The construction period will be approximately two years, and the first electricity is estimated to be produced in fourth quarter 2012.

Lista Vindkraftverk will comprise 31 wind turbines and will produce electricity sufficient to support 12 000 households. Total investment cost is estimated to approximately NOK 900 million, out of which NOK 388 million is provided by Enova by way of investment support.

Contact person: Torger Lien, CEO, tel (+47) 918 88 112