Evergreen Solar Announces $100 Million Sales Agreement with S.A.G. Solarstrom
Evergreen Solar Inc. today announced that it has entered into a four-year supply contract with S.A.G. Solarstrom AG (S.A.G.), based in Freiburg, Germany. The agreement calls for Evergreen Solar to ship approximately $100 million of photovoltaic modules to S.A.G. over the next four years.
S.A.G. builds and operates solar power stations, and sells the generated energy to corporations and utility companies. S.A.G. plans to use Evergreen Solar's products to help satisfy the growing demand from those organizations. These products will be manufactured at Evergreen Solar's plant in Massachusetts and at EverQ's new 30-megawatt facility in Thalheim, Germany. EverQ is a strategic partnership between Evergreen Solar, Q-Cells AG of Germany and Renewable Energy Corp. ASA (REC) of Norway.
"This agreement with S.A.G. is in line with Evergreen Solar's plan to establish relationships with proven solar power leaders," said Richard M. Feldt, Evergreen Solar's president and chief executive officer. "Like our EverQ partners, S.A.G. has built an outstanding reputation in the marketplace, particularly in Germany. In this environment of surging demand for solar power products, we believe this will be a strong, mutually beneficial relationship for our two companies. The agreement also provides us with an opportunity to jointly seek additional ways to lower total system costs to the end-user."
Uwe Ilgemann, S.A.G.'s CEO, stated, "Evergreen Solar is emerging as a key innovator and manufacturer in the solar power market. We believe they will be a valuable long-term resource for us. We look forward to partnering with them in the years ahead to increase solar power's share of the energy market."
