April 27, 2010 (FinancialWire) — Evergreen Solar, Inc. (NASDAQ: ESLR) said that it has closed an offering of $165 million aggregate principal amount of its 13% convertible senior secured notes due 2015 to qualified institutional buyers.
The notes were offered and issued in a private placement and were resold inside the United States to qualified institutional buyers. Piper Jaffray managed the offering.

Evergreen Solar said it used a portion of the $159.1 million net proceeds from this offering to purchase $124.5 million of aggregate principal amount of its 4% convertible senior notes due 2013.

The company said it plans to use the remainder of the net proceeds, around $75 million, for general corporate purposes, working capital and capital expenditures for further expansion of its manufacturing facility in China.

Massachusetts-based Evergreen Solar develops, manufactures and markets String Ribbon solar power products using its proprietary silicon wafer technology.

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