Failed Green Energy Firm “Abandons” Factory
It’s bad enough when your company goes under, and has to file Chapter 11. It’s worse when you can’t even find a buyer for your factory.
That’s what’s facing defunct solar energy firm Evergreen Solar Inc. The company, which received 50 million dollars in Massachusetts state aid, filed for bankruptcy last August. The firm laid off 800 workers as it–like many other companies including Solyndra–found little or no market for their expensive solar panel technology.
The Massachusetts Development Finance Agency, who arraigned the 50 million dollar loan, has apparently agreed to allow Evergreen to “walk away” from it’s plant in Devins Mass.–a plant that five years ago cost 450 million dollars to build. The move was in part to avoid having to pay over 500 thousand dollars in property taxes. Evergreen, which has not generated as much press as the controversial California firm Solyndra, sold it’s technology to a Hong Kong join venture group for 10 million dollars, but it was not enough to satisfy the debt.
More bits and pieces of equipment are being sold from Evergreen, but the factory has yet to sell, despite nearly a year of marketing efforts.