Evergreen Solar Inks $1.2 Billion Deal

MARLBORO, Mass.--(BUSINESS WIRE)--Evergreen Solar, Inc. (Nasdaq: ESLR), a manufacturer of solar power panels with its proprietary, low-cost String Ribbon™ wafer technology, 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 chief executive officer. “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 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 percent of Devens expected capacity through 2010 and all of Devens capacity in 2011 through 2013.

“Quality comes first at IBC SOLAR”, said Udo Möhrstedt, President and CEO of IBC SOLAR. “Our aim is to make the use of solar energy easy and competitive for our customers. Evergreen’s solar panels are one of the highest quality products in the industry. By adding Evergreen to our product portfolio, we can meet the growing demand of our customers.”