Solar

Evergreen Solar Partnership Official, 300 MW of Solar Modules Due by 2010

Evergreen Solar, Inc. announced the signing of a previously announced polysilicon supply agreement to allow its EverQ partnership to increase solar module production capacity from about 30 MW this year to approximately 300 MW by 2010 and possibly earlier. Evergreen Solar, Q-Cells AG of Germany and Renewable Energy Corporation of Norway (REC) will become equal partners in EverQ.

In the agreement, REC will supply EverQ with 7,400 metric tons of granular polysilicon over seven years beginning in 2008. Shipments of approximately 400 metric tons are expected to begin in the second half of 2008 and increase to 1,200 metric tons annually by 2010, continuing through 2014. These shipments are in addition to the 190 metric tons REC is currently supplying EverQ annually under an existing arrangement. The EverQ partners are in the process of finalizing previously announced interim polysilicon supply guarantees, which will facilitate the next phase of expansion of EverQ’s facility in Thalheim, Germany. Under the terms of these proposed agreements, Q-Cells and REC will each provide up to 150 metric tons of polysilicon, at near-term market pricing, to EverQ as required from mid-2007 to mid 2008, which will enable EverQ to accelerate production at its next factory. Evergreen Solar has also entered into an amended license and technology transfer agreement with EverQ in which Evergreen Solar will license to EverQ certain of its proprietary technologies necessary for the manufacture of EverQ’s solar modules. “All three partners in EverQ are working toward a shared goal of driving rapid advances in photovoltaic technology that move the solar industry closer to economic parity with grid electricity,” said Richard M. Feldt, Evergreen Solar President and Chief Executive Officer. “Each EverQ partner brings unique assets to EverQ that makes EverQ larger than the sum of its parts.”