Evergreen Solar Faces Major Financial Challenge In Mass.
BOSTON (CBS) – The sun may be setting soon on one of the most controversial solar panel companies in the state.
Evergreen Solar, which recently closed its production plant in Devens, says its sales last quarter fell more than 60% drying up the company’s cash reserves.
WBZ NewsRadio 1030’s Anthony Silva reports
Analyst Theodore O’Neil at Wunderlich Securities says Evergreen may have enough cash on hand to only operate another 3 months.
O’Neil tells me international subsidies for solar are being cut amid tougher competition as the Chinese ramp up production of lower priced solar units.
Experts say there is an world over-supply of solar panels expected driving down retail prices.