Evergreen Solar Files Registration Statement For Proposed Offering of Common Stock

February 14, 2008 by Jeff Shepard

Evergreen Solar, Inc. announced that it has filed a registration statement on Form S-3 with the United States Securities and Exchange Commission and that it expects to conduct an underwritten public offering of 20 million primary shares of its common stock. Evergreen Solar intends to grant the underwriters an option to purchase up to 3 million additional shares of common stock to cover over-allotments, if any.

The net proceeds from the offering are expected to be approximately $231.9 million (or approximately $266.8 million if the underwriters’ over-allotment option is exercised in full), and Evergreen Solar expects to use the net proceeds from the offering to complete phase I of its development of a new manufacturing facility in Devens, Massachusetts, to plan, construct and equip phase II of its development of the Devens manufacturing facility and for general corporate purposes, including purchases or prepayments for raw materials, including polysilicon, and working capital.

Deutsche Bank Securities Inc. is acting as sole book-runner and Lazard Capital Markets LLC, Pacific Growth Equities, LLC, Simmons & Company International and ThinkEquity Partners LLC are acting as co-managers.