Evergreen Solar, Inc. (Nasdaq: ESLR announced a major extension of its sales agreement with SunEdison. The extension increases the total value of the contract to over $510 million, boosting the total value of Evergreen sales agreements announced in the past 16 months to more than $1 billion.
The initial $200 million agreement was announced in July 2006. Under the terms of the contract extension, Evergreen Solar will ship an additional $316 million of photovoltaic modules to SunEdison through 2011.
“This contract extension with SunEdison is another significant milestone,” said Richard M. Feldt, Evergreen Solar’s president and chief executive officer. “Evergreen’s cutting-edge technology coupled with SunEdison’s unique finance and service model for solar development projects make our partnership a perfect match of global innovation leaders. The ongoing expansion of EverQ – our partnership with Q-Cells and Renewable Energy Corporation – and a secure, long-term supply of refined silicon enable us to forge long-term customer agreements with solar industry leaders.”
The SunEdison agreement is one of six major sales contracts secured by Evergreen Solar since November 2005. The majority of the PV modules will be supplied by its rapidly-expanding EverQ joint venture operation in Thalheim, Germany with the remainder supplied by Evergreen’s plant in Massachusetts. A second EverQ manufacturing plant is scheduled to open and reach full capacity in 2007, increasing the total annual output of Evergreen Solar-branded panels to more than 100 megawatts.
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