The US-based company expects the Wuhan government to provide or facilitate financing for about two-thirds of the initial expansion cost, that will require between $15-20m.
Funds will also be used to purchase capital equipment required for further expansion of its Midland, Michigan string factory; and for general corporate purposes.
Piper Jaffray & Co. is acting as sole underwriter for the offering. Evergreen Solar expects to grant the underwriter a 30-day option from the date of the final prospectus supplement to purchase up to an additional $9m of its common stock.
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