Evergreen Solar, Inc. (NasdaqGM:ESLR) announced that it has provided solar panels for nine solar power plants in the Czech Republic, further strengthening its presence in Eastern Europe.
In total, the company has provided 12 megawatts (MW) of solar panels for the solar power plants across the country. The projects are designed and installed by Czech-based solar specialist NWT.
The newest and largest installation is a solar plant near the town of Roštín, which will have an installed output of 3.5 MW. Construction started in August 2010 and will be completed by November 2010. For the installation, Evergreen Solar provided 13,800 ES-A and nearly 3,000 ES-E String-Ribbon solar panels. The solar installation in Roštín will provide enough electricity to power more than 1,000 homes in the area and will reduce carbon dioxide emission by more than 2,300 metric tons of annually.
Currently construction is being finalized on a 3 MW solar plant in Nasavrky, for which Evergreen provided nearly 15,000 ES-A panels.
Another five projects have been commissioned with Evergreen Solar String Ribbon panels with a total output of 3.7 MW.
Evergreen Solar said the Czech Republic projects are in line with the company's strategy to expand its presence in Europe.
3Q10 Financials
Evergreen Solar also announced its 3Q10 results this week, noting record shipments of 42.6 MW, up from 39.8 MW in 2Q10.
3.4 MW were produced at the company's new facility in China, and the rest were produced in Devens, Massachusetts at a cost of $1.88 per watt (down from $1.94, but still significantly higher than Chinese competitors).
The company reported a net loss of $22.7 million on revenue of $86.5 million. Gross margin for the quarter was 7.5%, down from 8.6% in 2Q10.
In comparison, Chinese Solar Firm JinkoSolar (NYSE: JKS) reported a gross margin of 33.5%.
