Evergreen Solar Inc. (ESLR), a maker of electricity generating solar panels, filed bankruptcy with plans to sell itself at an auction in order to pay creditors owed $485.6 million.
Investors who hold more than 70 percent of the company’s convertible senior secured notes have agreed to act as the so- called stalking-horse, or initial bidder, in a proposed auction for Evergreen’s assets, including new technology to make solar wafers at lower cost, Evergreen Chief Executive Officer Michael El-Hillow said in court papers today.
The company, based in Marlboro, Massachusetts, blamed the bankruptcy on increased competition from government-subsidized solar-panel makers in China and the failure of the U.S. to adopt clean-energy policies.
Prices for solar panels fell in 2010 and 2011 because of “massive overcapacity” in the industry at a time of lower subsidies, El-Hillow said in court papers.
Since 2010, Evergreen has been the worst-performing company on the Bloomberg Global Leaders Solar Index. Solar-energy equipment makers are being hurt by excess capacity, the cutback of subsidies in Europe and increased competition from manufacturers in China, Moody’s Investors Service said in a June 1 report.
The global production capacity of photovoltaic plants jumped 139 percent to 18.2 gigawatts in 2010, Moody’s said.
Never a better time to launch a municipal solar program; better kit; better prices; and loads of roof-tops!!!!
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