Evergreen Solar Takes US $1.2 Billion Order

Evergreen Solar, a manufacturer of solar power panels with string ribbon wafer technology, announced it has signed a new long-term sales contract valued at approximately US $1.2 billion with German-based distributor IBC SOLAR AG. This contract extends through 2013 and brings the company’s total contractual backlog to nearly US $3 billion with 5 customers.

The solar panels for these take-or-pay contracts will be manufactured at the company’s 160-MW facility in Devens, Massachusetts, which opened in June, and at the company’s next factory, which is expected to open in 2010. To date, Evergreen has contracted approximately 70 percent of Devens’ expected capacity through 2010 and all of Devens’ capacity in 2011 through 2013.

“We are very pleased to begin this significant long-term relationship with IBC SOLAR, the largest PV distributor in the world,” said Richard M. Feldt, Evergreen Solar’s chairman, president and chief executive officer. “This contract represents the single largest contract in the history of our company and is one of the largest contracts ever between a panel manufacturer and a distributor.”

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