Evergreen Pens $125 Million Distribution Agreement With Donauer Solartechnik
Evergreen Solar, Inc. has entered into a multi-year supply contract with Donauer Solartechnik, a German-based solar power distributor. The agreement calls for Evergreen Solar to ship approximately $125 million of photovoltaic modules to Donauer over the next four years, based on current exchange rates.
"Donauer has been an outstanding distribution partner for Evergreen Solar for several years, and we look forward to our expanded relationship," said Richard M. Feldt, Evergreen Solar's president and chief executive officer. "With more than $100 million in 2005 sales and well over 1,000 customers, Donauer is one of the fastest growing distributors in Europe. They have built an outstanding reputation in the industry, successfully serving the residential and small commercial segments by supporting numerous local installers with products and related support services. Working with Donauer, we plan to continue expanding our presence in Germany as well as emerging markets such as Spain, Portugal and Italy."
"Donauer Solar is pleased to have entered into this distribution agreement with Evergreen Solar. This provides us with a higher volume of modules to enable our expansion efforts throughout Europe and increase our sales in Germany as well," said Rudolf Donauer, president of Donauer Solar. "We have already been successfully working with Evergreen Solar for years and are looking forward to our continued cooperation."
The distribution agreement with Donauer is Evergreen Solar's fourth major contract in the past four months and is the largest in Company history. The value of these four contracts totals more than $380 million over the next four years. The products will be manufactured at Evergreen Solar's plant in Massachusetts and at EverQ's new 30-megawatt facility in Thalheim, Germany. EverQ is a strategic partnership between Evergreen Solar, Q-Cells AG of Germany and Renewable Energy Corp. ASA (REC) of Norway.