Evergreen Solar, Inc. (Nasdaq: ESLR), a manufacturer of solar power panels, announced it has signed a new long-term sales contract valued at approximately $1.2 billion with German-based IBC Solar AG. This contract extends through 2013 and brings the company’s total contractual backlog to nearly $3 billion with 5 customers.
"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 CEO. "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."
The solar panels for these take-or-pay contracts will be manufactured at the Company’s new 160-megawatts (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, the Company has contracted approximately 70% of Devens expected capacity through 2010 and all of Devens capacity in 2011 through 2013.
About IBC Solar
IBC Solar was founded in 1982 and since then has been active exclusively in the photovoltaics sector. The IBC Solar group and its subsidiaries in Europe and Asia provide markets worldwide with high performance photovoltaic systems of all sizes, from house roofs to major solar projects. To date, IBC Solar has installed more than 350 Megawatts (MW) of photovoltaic power at more than 50,000 solar energy facilities around the world. For more information about the company, please visit www.ibc-solar.com.
About Evergreen Solar, Inc.
Evergreen Solar, Inc. develops, manufactures and markets solar power products. The Company’s patented wafer technology, known as String Ribbon, uses significantly less polysilicon than conventional processes. Evergreen’s products provide reliable and environmentally clean electric power for residential and commercial applications globally.
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