* Q1 EBITDA NOK 1.45 bln vs 1.18 bln seen in poll
* Sees modest growth in 2011, pressure on margins and prices
* Repeats production targets for 2011
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OSLO, May 4 (Reuters) - Norway's Renewable Energy Corp. posted forecast-beating earnings on Wednesday, but warned of waning demand and price pressure as political uncertainty clouds key European solar markets.
Earnings before interest, tax, depreciation and amortisation (EBITDA) including special items rose to 1.45 billion crowns ($276.3 million) in January-March from 415 million for the same period a year ago, above a mean estimate of 1.18 billion in a Reuters poll.
"The revisions of the subsidy schemes in the main markets are expected to dampen global demand growth in 2011," REC said.
"Even though demand is growing strongly in a number of emerging markets, this is not expected to compensate for reduced growth in the main markets in Europe."
The company, which makes parts for power production throughout the solar value chain, repeated it saw moderate demand growth this year and margin pressure on modules and wafers in the second quarter, while polysilicon margins are expected to remain fairly stable.
Average selling prices for polysilicon were fairly stable in the first quarter while selling prices for wafers and modules were down four percent compared to the previous quarter, the company said.
REC repeated its 2011 production outlook. ($1=5.248 Norwegian Crown) (Reporting by Victoria Klesty; editing by Alexander Smith)