Evergreen Solar (ESLR) To Finance New Plant With $60 Million Public Offering of Common Stock

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08:18:59 am on May 20, 2009

Evergreen Solar just announced a public offering of its common stock, worth $60 million. Piper Jaffray and Co is the underwriter for the offering, and Evergreen Solar intends to give them a 30-day option to buy an additional $9 million worth of stock.

Per a company press release, the money raised from the offering will be used to finance the plant Evergreen plans to build in Wuhan, China:

Evergreen Solar intends to use the net proceeds from the offering, after deducting underwriting discounts and Evergreen Solar’s estimated expenses related to the offering (1) to fund its planned initial 100 MW wafer manufacturing facility in Wuhan, China, which, assuming the Wuhan government provides or facilitates financing for approximately two-thirds of the initial expansion cost, is expected to require between $15 million and $20 million; (2) to purchase capital equipment required for further expansion of its Midland, Michigan string factory; and (3) for general corporate purposes, including working capital and possible payments to its Sovello joint venture (or Sovello’s lenders) that may be required under certain circumstances.

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