Evergreen Solar Has Its Moment In The Sun | Manufacturer opens $200M facility in Devens
Photo/Livia Gershon
Gov. Deval Patrick at the opening of Evergreen Solar's new plant in Devens.
The former U.S. Army base at Fort Devens added another feather in its cap with the grand opening of Evergreen Solar’s new $200 million plant.
“I look to this facility as a symbol of the kind of industry that we want to continue to build,” Gov. Deval Patrick told the approximately 600 company customers, employees and local economic leaders in attendance.
Job Creation
Evergreen said it will employ 700 new workers at the solar panel production facility, providing more than $44 million in salaries and benefits. After the completion of a second construction phase in early 2009, it expects to have more than 1,000 employees in the state.
Last year, the Massachusetts Office of Business Development put together a $44 million incentive package to encourage the company to build the factory in the state. That includes $23 million in grants to the company and its host community, $17.5 million in public and private low-interest loans and $3 million in savings on a low-cost 30-year lease of state land.
Evergreen CEO Richard M. Feldt said the company is working to reduce the costs of solar electrical generation and hopes to reach “grid parity,” the ability for solar to compete with traditional power sources without subsidies, in three to four years.
Evergreen had a 2007 net loss of $16.6 million on revenues of $58.3 million. Feldt joked that whenever he tells his wife about the company’s new technological achievements she asks if the company is making money yet.
“I can’t wait to tell her, ‘Yes we are,’” he said.
Both Feldt and Patrick touted a new state law promoting renewable energy and conservation. Patrick said one provision will encourage the purchase of solar equipment by promising owners a good rate when they sell power back onto the grid.
The law also allows utilities to own and operate solar power facilities. Patrick called on utility company leaders, some of whom were in attendance at the event, to increase their use of solar energy by the end of the year.
“Unleash the ingenuity we know you represent,” he said. “Bring it to bear.”
Evergreen also announced a new $1.2 billion contract with IBC Solar AG of Germany.
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