Evergreen Solar, Inc. (NASDAQ: ESLR) has signed a new long-term sales contract of roughly $1.2 Billion with IBC SOLAR AG in Germany. This contract runs through 2013 and brings Evergreen’s total contractual backlog to nearly $3 Billion with 5 customers.
This is a huge contract which we would consider an "up to" amount as these are listed as "take or pay." The solar panels for these take-or-pay contracts will be manufactured at the new facility in Devens, Massachusetts and at Evergreen’s next factory, which is expected to open in 2010.
So far, the company has locked up about 70% of the Devens expected capacity through 2010 and all of the Devens capacity in 2011 through 2013.
Shares were originally halted on the news and yesterday’s close was at $9.16.
Jon C. Ogg
July 15, 2008
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