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Evergreen Solar To Offer $60M In Common Stock

The Associated Press

MARLBORO, Mass. (AP) — Evergreen Solar Inc. on Wednesday said it will sell $66.6 million in common stock to fund capital projects and for general corporate purposes.

Evergreen Solar, which makes silicon wafers for solar panels, is selling 37 million shares at $1.80 each. It intends to use the net proceeds to fund its 100 megawatt wafer manufacturing facility in Wuhan, China, which, assuming the Wuhan government will provide or facilitate financing for about two-thirds of the initial expansion cost, is expected to cost between $15 million and $20 million.

Proceeds will also go toward the purchase of capital equipment for its Midland, Mich., string factory expansion and for general corporate purposes, including working capital and possible payments to its Sovello joint venture.

Piper Jaffray & Co. is sole underwriter for the offering. The company plans to grant the underwriter an option to purchase up to an additional nearly $10 million of common stock.

Evergreen Solar shares closed down a penny at $2.23.