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In brief statements from several of the partners in string-ribbon PV module producer Sovello, the firms acknowledged that an agreement has been made to sell the company to Ventizz Capital Fund IV, L.P for an as-yet undisclosed sum. Closing of the transaction is expected to take place in April. The partners had signed a declaration of intent with the then-unidentified investor in early February.

Business partners in ‘String Ribbon’ licensee Sovello, which include Evergreen Solar, Q-Cells and REC Group, have agreed key terms and conditions and signed a declaration of intent with an unidentified investor for the sale of the struggling solar module producer. Sovello said in a statement that the investor had been interested in purchasing the company for some time. The Management Board expects the transaction to be completed in the first quarter of 2010.

String Ribbon solar module producer, Evergreen Solar expects its nameplate capacity to reach 170MW in 2010, based primarily on its Wuhan, China facility coming online as expected, this summer. The 100MW plant, operated by Jiawei Solarchina is expected to ramp to 20 to 25MW of capacity per quarter in early 2011 and produce a wafer for about US$0.45 per watt and a panel for around US$1.25 per watt. However, with a high cash burn rate for the loss making manufacturer, the 70%-plus capacity increase will require the company to raise more money, according to Mike El-Hillow, Evergreen Solar’s COO and CFO in a conference call to discuss fourth quarter financial results.

In a conference call with financial analysts, held today, Evergreen Solar’s Chairman, CEO and President, Richard Feldt, responded to one of the last questions in the hour long call over the expected outcome for Sovello. He noted that the company had only weeks to seek a buyer that would probably acquire the company at ‘fire-sale’ prices or enter into insolvency.

Terry Bailey has taken over the chairman and CEO reins at Soliant Energy, a concentrated photovoltaics company based in Monrovia, CA. Bailey, who replaces interim CEO Marco DeMiroz, recently left Evergreen Solar, where he was senior VP of marketing and sales.

ReneSola is increasing its capacity to offer PV OEM services and further its efforts to become a fully integrated PV manufacturer with the acquisition of China-based Dynamic Green Energy. The mainly share based transaction has been approved both companies' boards of directors. Jiawei Solarchina was a subsidiary of Dynamic Green Energy, which is currently partnering with Evergreen Solar on a 100MW plant in China. GE Capital Asia Pacific was also a major investor in Dynamic Green Energy.

In its bid to lower operating costs while expanding production of its String Ribbon solar cell technology, Evergreen Solar with contract manufacturing partner, Jiawei Solarchina have started construction of an initial 100MW manufacturing plant in Wuhan, China. A ceremonial Groundbreaking event was held on August 29, 2009, although the plant’s construction began in July of 2009. Construction is expected to be completed by spring 2010.

An industry veteran with over 15 years of investor relations experience, Michael McCarthy has joined the Evergreen Solar team and will oversee the company’s investor relations concerns. The newly created post of director of investor relations will see McCarthy tap his experience in working with the capital markets and the investment community, while reporting to Michael El-Hillow, Chief Financial Officer.

String Ribbon solar cell manufacturer Evergreen Solar is planning future expansions in China, with the aim of reaching a manufacturing cost of US$1 per watt by the end of 2012. The aggressive goal is in tandem with ramping a new plant in China to 500MW in that time frame. This is being planned with another PV manufacturer, Jiawei Solar (Wuhan) Co., and the Wuhan Donghu New Technology Development Zone Management Committee, part of the Wuhan provincial government in Wuhan, China.

Evergreen Solar said that the first phase of construction of a landmark solar PV installation using the company's StringRibbon panels is nearing completion on the roof of a tunnel of Germany's A3 highway. The 2.8-MW system, incorporating more than 16,000 solar modules, will be one of the country's largest and the first to be located on a public highway.