Evergreen Solar Posts $82.4m Loss

4 November 2009 (Last Updated November 4th, 2009 18:30)

Solar plant panels manufacturer Evergreen Solar said its third-quarter loss widened on costs to write down the value of its stake in a joint venture. The US-based company posted a loss of $82.4m, or 40¢ a share, compared with a loss of $24.6m, or 19¢, a year earlier.

Solar plant panels manufacturer Evergreen Solar said its third-quarter loss widened on costs to write down the value of its stake in a joint venture.

The US-based company posted a loss of $82.4m, or 40¢ a share, compared with a loss of $24.6m, or 19¢, a year earlier.

Quarterly revenue totalled $77.7m.

Evergreen chief Richard Feldt said production is being expanded outside of Massachusetts, where the company is based, in a bid to reduce costs.

The company has been hit by a lack of financing for new solar projects and a glut of panels that has pushed down prices.

"We will begin to transition our Devens-based panel assembly to China in mid-2010,” Feldt said in a statement.