The company, based in Marlboro, Massachusetts, said it planned to build a 100 megawatt wafer manufacturing facility in Wuhan, China for $15 million to $20 million if the government there funds about two-thirds of the cost.
The money will also be used to cover general corporate costs and payments that may be required as part of its Sovello joint venture with German Q-Cells and Norway's Renewable Energy Corporation.
Last month, Evergreen posted a net loss of $64.3 million and said it would subcontract some of its wafer manufacturing to Jiawei Solar Co.
It expects to produce and sell between 20 to 25 MW of its string-ribbon wafer products in the second quarter, below its previous target of 30 MW.
Evergreen said it had granted the issue underwriter, Piper Jaffray & Co, an option to purchase up to $9 million of additional shares.
The company had filed with the U.S. Securities and Exchange Commission on April 24 for a mixed shelf of up to $100 million.