Evergreen Solar Lands its Largest Solar PV Contract

Evergreen Solar entered into a multi-year supply contract with Donauer Solartechnik, a German-based solar power distributor, in which Evergreen Solar will ship approximately $125 million of photovoltaic modules to Donauer over the next four years, based on current exchange rates.

“With more than $100 million in 2005 sales and well over 1,000 customers, Donauer is one of the fastest growing distributors in Europe,” said Richard M. Feldt, Evergreen Solar’s president and chief executive officer. “They have built an outstanding reputation in the industry, successfully serving the residential and small commercial segments by supporting numerous local installers with products and related support services. Working with Donauer, we plan to continue expanding our presence in Germany as well as emerging markets such as Spain, Portugal and Italy.” The distribution agreement with Donauer is Evergreen Solar’s fourth major contract in the past four months and is the largest in company history. The value of these four contracts totals more than $380 million over the next four years. The products will be manufactured at Evergreen Solar’s plant in Massachusetts and at EverQ’s new 30-megawatt facility in Thalheim, Germany. EverQ is a strategic partnership between Evergreen Solar, Q-Cells AG of Germany and Renewable Energy Corporation ASA (REC) of Norway. Donauer Solartechnik wholesales solar energy products and is expanding its business beyond Germany into southern European countries such as Spain, Portugal and Italy. Evergreen Solar, Inc. is a manufacturer of solar power products with its proprietary, low-cost String Ribbon wafer technology.
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