Evergreen, REC, Q-Cells OK Third EverQ Plant


Evergreen Solar, Renewable Energy Corp. (REC) and Q-Cells, equal partners in EverQ, have approved the construction of a third integrated wafer, cell and panel facility and begun planning an initial public offering for EverQ.

The new EverQ facility will open in early 2009 in Thalheim, Germany, cost approximately EUR 125 million, net of government grants, and increase EverQ's production capacity from 100 MW to approximately 180 MW. The partners also agreed to expand EverQ's production capacity to approximately 600 MW by 2012.

To support the further growth ambitions of EverQ to 600 MW, REC has offered an additional supply agreement for polysilicon of approximately 4,000 metric tons beginning in 2010 and continuing through 2015, at market pricing competitive with long-term contracts. Total polysilicon volumes supplied by REC to EverQ under the existing and new agreements could potentially reach 2,100 metric tons per year.

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