Evergreen Solar, Inc. (Nasdaq: ESLR) today announced a $60 million public offering of its common stock.
Evergreen Solar intends to use the net proceeds (1) to fund its planned initial 100-megawatts (MW)
wafer manufacturing facility in Wuhan, China, which, assuming the Wuhan
government provides or facilitates financing for approximately
two-thirds of the initial expansion cost, is expected to require
between $15 million and $20 million; (2) to purchase capital equipment
required for further expansion of its Midland, Michigan factory;
and (3) for general corporate purposes, including working capital and
possible payments to its Sovello joint venture (or Sovello’s lenders).
Evergreen Solar expects to grant to the underwriter a 30-day option from the date of the final prospectus supplement to purchase up to an additional $9 million of its common stock.
Piper Jaffray & Co. is acting as sole underwriter for the offering.
Evergreen Solar, Inc. develops, manufactures and markets String RibbonTM solar power products using its proprietary silicon wafer technology.
Evergreen Solar recently posted a net loss of $64.3 million for 1Q09.
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