Evergreen Solar's New Contract with SunEdison Exceeds $500 M

The extension increases the total value of the contract to over $510 million, boosting the total value of Evergreen sales agreements announced in the past 16 months to more than $1 billion.

The initial $200 million agreement was announced in July 2006. Under the terms of the contract extension, Evergreen Solar will ship an additional $316 million of photovoltaic (PV) modules to SunEdison through 2011.

"Evergreen's cutting-edge technology coupled with SunEdison's unique finance and service model for solar development projects make our partnership a perfect match of global innovation leaders," said Richard M. Feldt, Evergreen Solar's president and CEO. "The ongoing expansion of EverQ -- our partnership with Q-Cells and Renewable Energy Corporation -- and a secure, long-term supply of refined silicon enable us to forge long-term customer agreements with solar industry leaders."

Referring to Evergreen Solar, Jigar Shah, CEO of SunEdison, said, "Their technology and expertise has allowed us to simplify solar for retailers, utilities, and municipal entities."

The majority of the PV modules will be supplied by its rapidly expanding EverQ joint venture operation in Thalheim, Germany; the remainder will be supplied by Evergreen's plant in Massachusetts. A second EverQ manufacturing plant is scheduled to open and reach full capacity in 2007, increasing the total annual output of panels to more than 100 megawatts.