North Coast Solar Stocks

May 28, 2009

Evergreen Solar Closes on Public Offering, Including Exercise in Full of Underwriter’s Over-allotment Option

Filed under: ESLR — Tags: , , , — Jason @ 4:15 pm

Thursday May 28, 2009, 4:15 pm EDT

MARLBORO, Mass.–(BUSINESS WIRE)–Evergreen Solar, Inc. (ESLR) announced today that it closed the sale of its previously announced public offering of common stock at a price to the public of $1.80 per share for a total of 42.55 million shares, including the sale of 5.55 million shares pursuant to the exercise in full of the underwriter’s over-allotment option. Total proceeds, net of underwriter’s discount, resulting from the offering, including the exercise of the underwriter’s over-allotment option, were approximately $72.5 million.

Evergreen Solar expects to use the net proceeds from 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.

Piper Jaffray & Co. acted as sole underwriter for the offering.

Copies of the final prospectus for this offering may be obtained by visiting EDGAR on the SEC’s Web site at http://www.sec.gov or from Piper Jaffray & Co., Prospectus Department, 800 Nicollet Mall, Suite 800, Minneapolis, MN, 55402, telephone: 612-303-8290 or email: prospectus@pjc.com.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the shares of common stock. Furthermore, Evergreen Solar will not sell any of the common stock and has been advised by Piper Jaffray & Co. that it and its affiliates will not sell any of the common stock in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification of the shares under the securities laws of any such state or jurisdiction.

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