Evergreen Solar Receives $600 Million Solar Panel Supply Contracts
Posted on: Thursday, 19 June 2008, 09:00 CDT
Evergreen Solar, a manufacturer of solar power panels with its low-cost String Ribbon wafer technology, has signed two new long-term sales contracts valued at approximately $600 million with US-based groSolar and Germany-based Wagner & Co Solartechnik for the supply of solar panels.
These contracts extend through 2012 and bring Evergreen's total contractual backlog to approximately $1.7 billion. The solar panels for these two contracts and the two contracts previously announced in May 2008 will be manufactured at the company's Devens facility in Massachusetts, US, which will begin panel production in July 2008.
These four contracts represent approximately 65% of the expected 160MW of annual production capacity at Devens through 2013. Evergreen Solar also has six other customer contracts with a current total backlog of approximately $850 million, which will primarily be supplied by EverQ, its Germany-based joint venture.
Richard Feldt, Evergreen Solar's chairman and CEO, said: "The four multi-year contracts that we have signed in the last 30 days continue to validate that our String Ribbon technology combined with the features and functionality of our solar panel design, provides a compelling value proposition for our customers. We continue in discussions with other potential customers as we look to commit up to 75% of Devens capacity to long term contracts."
Source: Datamonitor
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