Evergreen Solar Faces Major Financial Challenge In Mass.

By Anthony Silva, WBZ NewsRadio 1030

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.

More from New England Business

More From CBS Boston

Summer of Savings
Download Weather App

Listen Live