Evergreen Signs US $1 Billion in Contracts

Evergreen Solar, Inc. announced it has signed two new long-term sales contracts. The first contract was signed with German-based Ralos Vertriebs GmbH and is valued at approximately US $750 million. The contract calls for Evergreen to deliver solar panels beginning in 2008 and extending through 2013. Combined with another agreement signed last week with a United States-based installer, Evergreen has new contractual backlog of approximately US $1 billion.

The solar panels for these two contracts will be manufactured at the company’s Devens, Massachusetts facility, which will begin panel production in July and represent approximately 35 percent of the expected 160-megawatt (MW) of annual production capacity at Devens through 2013.

“We offer our customers a long-term value proposition because our string ribbon technology consumes less than half of the polysilicon as compared to the industry average, which enables us to provide a unique combination of cost and cell conversion efficiency,” said Richard Feldt, Evergreen Solar’s President and CEO. “We will enter into selective long-term supply agreements with additional companies that also bring differentiated value to their customers and serve markets that are at the forefront of solar growth.”

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