Evergreen Solar, Inc. (Nasdaq: ESLR) today announced its largest sales agreement to date. Under the terms of the agreement, Evergreen Solar will ship approximately $200 million of photovoltaic modules to SunEdison, LLC over the next five years.
“This agreement with SunEdison underscores the growth potential of our photovoltaic module product line and aligns our company with an emerging solar power leader,” said Richard M. Feldt, Evergreen Solar’s president and CEO. “The agreement also demonstrates the strategic importance of EverQ – our partnership with Q-Cells and Renewable Energy Corporation. The recent announcement of our intention to expand EverQ’s capacity to 80MW in 2007 and up to 300MW by 2010 enables us to continue forging long-term customer agreements with solar industry leaders like SunEdison.”
“SunEdison simplifies solar development projects by offering clients access to the company’s innovative Solar Power Service Agreement (SPSA), a finance and service model that allows public, private and nonprofit organizations to buy and use solar electricity generated at their facilities without capital investment,” said Feldt. “This innovative platform enables wider access to solar power and supports Evergreen’s ultimate goal of converging the cost of solar power with retail grid pricing.”
“SunEdison’s strategic partnership with Evergreen Solar, a solar power technology innovator, will be integral to our larger goal of building more efficient, more cost-effective systems that create value for our customers,” said Brian Jacolick, VP of sales for SunEdison. “We believe Evergreen Solar will be a valuable long-term partner and we look forward to working with the company over the next five years to spread the benefits of affordable solar power.”
The sales agreement with SunEdison is Evergreen Solar’s fifth major contract secured since November 2005 and is the largest in Company history. The value of these five contracts totals more than $600 million over the next five years. The photovoltaic modules will be manufactured at Evergreen Solar’s plant in Massachusetts and at the new 30MW EverQ factory in Thalheim, Germany.
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