Evergreen Solar Inc said it filed with U.S. regulators to offer 20 million shares.
The company said it expects about $231.9 million in proceeds, which it intends to use to complete the first phase of Devens, its Massachusetts facility, and to plan and construct the second phase of the facility.
Evergreen Solar Inc. shares fell as investors reacted to sharply lower oil prices rather than a positive analyst note that raised its target price. Investors who see solar power as an alternative to fossil fuels sometimes push share prices in conjunction with the contract: less-expensive oil makes the commodity a more viable option.
Silicium de Provence SAS agrees to supply silicon to ESLR for 10 years, securing ESLR in the knowledge that enough pre-paid silicon will be delivered to meet over a gigawatt of production by 2012.
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