May 29, 2009
Evergreen Solar Closes Stock Offering
Evergreen Solar Inc. of Marlborough has closed the sale of its common stock offering, making $72.5 million.
The solar panel manufacturer plans to use $15 to $20 million of the money to help fund a 100-megawatt wafer manufacturing facility in China. Evergreen will use the rest of the money to help buy capital equipment for expansion of its Michigan string factory, for working capital and other general expenses and possibly for payments to a joint venture.
The company sold 42.55 million shares for $1.80 per share, including 5.55 million shares sold under underwriter Piper Jaffray & Co.'s over-allotment option.
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