Evergreen Solar grabs $1B in solar panel contracts

Solar power panel maker Evergreen Solar Inc. has signed the second of two long-term sales contracts valued at a total of $1 billion.

A $750 million contract signed on Wednesday ensures Marlborough-based Evergreen Solar (Nasdaq: ESLR) will deliver its solar panels to Germany-based Ralos Vertriebs GmbH, a company involved in photovoltaics and large-scale solar power plants, through 2013.

Another contract the solar cell company reports it landed last week with a U.S.-based installer brings recent contract values to $1 billion.

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Evergreen Solar develops its String Ribbon wafer technology, which the company says uses less polysilicon than average, at its Devens facility.

In February, the company announced a scale back of its public offering of common stock from 20 million shares to 16 million. The announcement came after Evergreen director Gerald Wilson quit the company's board after expressing frustration with the company's chairman and CEO, Richard Feldt.

Evergreen Solar reported a 2007 net loss of $16.6 million on revenue of $69.9 million.