Exhibit 10.37
  AMENDED AND RESTATED
 MASTER JOINT VENTURE AGREEMENT
 By and Among
 EVERGREEN SOLAR, INC.
 Q  CELLS SE
 RENEWABLE ENERGY CORPORATION ASA
 and
 EVERQ GmbH
(envisaged SOVELLO AG)




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TABLE OF CONTENTS
 PageARTICLE I. Relation to Existing Agreements; Interpretation, Relation to Articles, Participation of Sovello
    
    
    31.1
    
    Relation to Existing MJVA and Concurrent Agreements
    
    
    31.2
    
    Definitions
    
    
    41.3
    
    Headings and Other Interpretation
    
    
    101.4
    
    Relation to Articles of Association and Rules of Procedure for the Management Board
    
    
    101.5
    
    German Legal Terms
    
    
    101.6
    
    Participation of Sovello
    
    
    10ARTICLE II. Purpose of Sovello
    
    
    11ARTICLE III. Management and Operation of Sovello
    
    
    113.1
    
    Management and Supervision of Sovello
    
    
    113.2
    
    Accounting Matters; Basic Financial Inspection Rights
    
    
    113.3
    
    Other Financial Matters
    
    
    123.4
    
    Information to be Shared Equally
    
    
    133.5
    
    Further Capacity Expansions and Additional Financing
    
    
    133.6
    
    Directors
    
    
    143.7
    
    Indemnification
    
    
    15ARTICLE IV. Restrictions on Transfer; Right of First Refusal for Sale of Shares
    
    
    154.1
    
    Restrictions on Transfer; Exceptions
    
    
    154.2
    
    Right to Notice
    
    
    154.3
    
    Exercise of Right of First Refusal
    
    
    164.4
    
    Right to Sell to Third Party
    
    
    164.5
    
    Reinstatement of Right of First Refusal
    
    
    164.6
    
    Change of Control
    
    
    174.7
    
    Co-Selling Rights
    
    
    174.8
    
    Adherence by Third Party
    
    
    174.9
    
    Drag along  right and relation to Articles of Association
    
    
    17ARTICLE V. Term and Termination
    
    
    185.1
    
    Term
    
    
    185.2
    
    Termination by mutual consent
    
    
    185.3
    
    Expulsion for Breach
    
    
    185.4
    
    Termination after [****]
    
    
    215.5
    
    Termination in Case of Sale and Transfer
    
    
    215.6
    
    Post-Termination Covenants
    
    
    21
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PageARTICLE VI.
    
    
    22Warranties
    
    
    22ARTICLE VII. Liability and Limitations of Liability
    
    
    237.1
    
    Liability
    
    
    237.2
    
    Definitions
    
    
    237.3
    
    Determination of the Amount of Damage
    
    
    237.4
    
    Limitations of Liability for Breach of Warranties
    
    
    247.5
    
    GENERAL LIMITATION OF LIABILITY
    
    
    24ARTICLE VIII. Additional Agreements
    
    
    248.1
    
    Marketing
    
    
    248.2
    
    Q Manufacturing Right of First Refusal
    
    
    248.3
    
    REC Manufacturing Right of First Refusal
    
    
    258.4
    
    Relation of Sections 8.2 and 8.3
    
    
    268.5
    
    [****]
    
    
    268.6
    
    Cooperation to Pursue Tax Efficiencies
    
    
    278.7
    
    Confidentiality
    
    
    278.8
    
    Reasonable Efforts
    
    
    298.9
    
    Standstill
    
    
    29ARTICLE IX. Miscellaneous
    
    
    309.1
    
    Expenses
    
    
    309.2
    
    Further Assurances
    
    
    309.3
    
    Notices
    
    
    309.4
    
    Governing Law and Dispute Resolution
    
    
    329.5
    
    Binding Effect
    
    
    329.6
    
    Assignment
    
    
    329.7
    
    No Third Party Beneficiaries
    
    
    339.8
    
    Foreign Corrupt Practices Act
    
    
    339.9
    
    Sarbanes-Oxley and Nasdaq Covenant
    
    
    339.10
    
    Amendment, Waivers
    
    
    339.11
    
    Entire Agreement
    
    
    349.12
    
    No Joint Venture or Partnership
    
    
    349.13
    
    Language for Joint Venture and this Agreement
    
    
    349.14
    
    Voting and other rights
    
    
    349.15
    
    Severability
    
    
    349.16
    
    Condition precedent
    
    
    35
 Exhibits
 Exhibit A
    
    Articles of Association
 Exhibit A-1
    
    German Translation of Articles of Association
 Exhibit B
    
    Rules of Procedure for the Management Board
 Exhibit B-1
    
    German Translation of the Rules of Procedure for the Management Board
 -ii-




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-iii-




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AMENDED AND RESTATED
MASTER JOINT VENTURE AGREEMENT
 Agreement
 Evergreen E
 Q-Cells Q
 REC
  Formwechsel Umwandlungs-gesetz, UmwG Sovello
 Section 1.2
 Recitals




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Evergreen Solar
  Sovello
  REC
 SGS
 Q-Cells
  Benefits to Parties
  REC
 (a)
    
    Equity participation in Sovello(b)
    
    Secure high value customer for scaling of granular silicon(c)
    
    [****]
 -2-




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(a)
    
    Accelerated development and proliferation of its wafer
manufacturing technology(b)
    
    Equity participation in Sovello
  (a)
    
    Secure silicon supply at attractive market related pricing(b)
    
    Accelerated wafer manufacturing technology development(c)
    
    Accelerated technology and manufacturing systems development
  (a)
    
    Improved cost position through Sovello(b)
    
    Low-cost supply of polysilicon-based wafers(c)
    
    Equity participation in Sovello
   Existing MJVA
   Relation to Existing Agreements; Interpretation, Relation to Articles, Participation of Sovello
 Relation to Existing MJVA and Concurrent Agreements
  -3-




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Definitions Section 1.2
 Acquisition Proposal Section 4.2
 Acquisition Proposal Notice Section 4.2
 Act Section 9.8.
 Action
 Additional Capital Contributions Section 2.3
 Affiliate
  Alternative Venture
  Annual Plan
 Arbitrator Section 5.3 (c)(ii)(3).
 Articles of Association Satzung Exhibit A Exhibit A-1
 Bankruptcy Event
  -4-




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Breaching Party Section 5.3
 Business Day
 Business Year
 Capacity Expansion Section 3.5 (a).
 Cell
 Change of Control
 Concurrent Agreements MOU
 Confidential Information Section 8.7
 -5-




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Director Aufsichtsratsmitglied
 Disclosing Party Section 8.7(a).
 Distribution
 EU
 E First Refusal Notice Section 8.2(b).
 Election Notice Section 4.3.
 EverQ GmbH
 Exchange Act
 Existing MJVA Recitals (G)
 Fair Market Value Section 5.3(c).
 Free Cash
 Gemini String Ribbon Technology Sovello
 Government Investment Grant GA-Mittel; Mittel aus dem Programm
Gemeinschaftsaufgabe Aufbau Neue Laender
 Governmental Authority
 Governmental Order
 -6-




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IFRS
 IPO
 Knowledge
 Law
 Liabilities
 License Agreements
 Management Board
 Material Agreement
 Material Breach Section 5.3
 Module
 Negotiation Period Section 4.3.
 Non-Selling Parties Section 4.2.
 Parties Party
 -7-




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Percentage Interests
 Person
 Quad/COF Technology
 Q Confirmation Notice Section 8.2(b).
 Recapitalization
 Receiving Party Section 8.7(a).
 Ribbon Technology
  Rules of Procedure for the Management Board Geschäftsordnung für den Vorstand Exhibit B Exhibit B-1
 Sale Period Section 4.4.
 Securities Act
 Selling Party Section 4.2.
 SGS
 Shareholder
 Shares
 -8-




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Signing Date
 Sovello Recitals
 Sovello 2 Sovello
 Sovello 3 Sovello
 String Ribbon Technology
 Subject Shares Section 4.2.
 Supervisory Board Aufsichtsrat
 Tax Taxes ad valorem
 Terminating Party Article 5
 Termination Call Right Section 5.3 (d) Section 5.4 (b)
 Termination Securities Section 5.3(c).
 Third Party
 Transfer Section 4.1.
 US GAAP
 Wafer
 -9-




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Headings and Other Interpretation.
 Relation to Articles of Association and Rules of Procedure for the Management
Board.
 German Legal Terms. italics
 Participation of Sovello.
  -10-




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Management and Supervision of Sovello
  Accounting Matters; Basic Financial Inspection Rights
 Basic Accounting Matters
  -11-




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Basic Financial Information
 HGB
 HGB
   Basic Financial Inspection Rights
 Other Financial Matters
 Annual Plan.
 Dividend Policy
 -12-




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Further Capacity Expansions and Additional Financing.
 Capacity Expansion
  Compensation for Grant Repayment Obligations.
     Sovello Debt.
 -13-




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No Additional Obligation
 Directors
 Drittelbeteiligungsgesetz,  DrittelbG
     -14-




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Indemnification
    Restrictions on Transfer; Exceptions
 Transfer Article 4 Section 4.1
 Right to Notice
 Section 4.1 Subject Shares
 -15-




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Acquisition Proposal Selling Party Non-Selling Parties Acquisition Proposal Notice
 Exercise of Right of First Refusal
 Election
Notice
   Negotiation Period
 Right to Sell to Third Party
 Section 4.3 Section 4.5 Lapse Date Sale Period
 Reinstatement of Right of First Refusal
 -16-




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Section 4.4 Article IV
 Change of Control
 Article IV
 Co-Selling Rights
  Adherence by Third Party
 Article IV, Article V, Sections 8.5 through 8.10
and Article IX
 Drag along  right and relation to Articles of Association
 Sections 4.2 through 4.5 Article IV Article IV
 -17-




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Term
 Article 5
 Termination by mutual consent
  Section 5.2(a)
 Expulsion for Breach.
 Section 5.3 Removing Party Removing Parties Section 5.3 Expulsion Expulsion
Securities Breaching Party
  Expulsion Notice
  Section 5.3 Material Breach
 -18-




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.
  Valuation Request
 Fair Market Value
     Section 5. 3(b) Arbitrator. Arbitrator
 -19-




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Section 5.3 (a), Section
5.3 (c) (ii) (3) Expulsion Call Right pro rata
  Section 5.3(a)
 Continuation of Business Section 5.3 (i) Section 5.3
 Section 5.3 (a), if Section 5.3(d) Section 5.3(d)
  -20-




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Section 5.3
 Section 5.3. (a) through (j) Section 5.3(a)(i)(3)(B) Section 5.3 Section 5.3(k) Section 5.3(k), pro rata
 Termination after [****].
  Section 5.4 (a) pro rata Termination Call Right
 Section 5.3 (b) through (j) Section 5.3. (c) (ii) (3)
 Termination in Case of Sale and Transfer
 Transferring Party
 Post-Termination Covenants
 -21-




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Return of Confidential Information
 Survival of Rights and Obligations
   Warranties
 rechtlich
selbstaendiges verschuldensunabhaengiges Garantieversprechen Buergerliches Gesetzbuch
 Intellectual Property
    -22-




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Liability
 Indemnifying
Party
 Definitions
 Section 7.1 Indemnifiable
Claims Indemnified
Party
 Determination of the Amount of Damage
 Article 7
 Schiedsgutachter
 -23-




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Limitations of Liability for Breach of Warranties
  Verjaehrungsfrist
 GENERAL LIMITATION OF LIABILITY
    Marketing
  Q Manufacturing Right of First Refusal
 Section 8.2(b)
and (c)
 -24-




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E First Refusal Notice Q Confirmation Notice
 Berufsverschwiegenheit
 Section 8.2(b) through (c)
 REC Manufacturing Right of First Refusal
 Section 8.3 Section
8.3(b) and (c)
  -25-




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E First
Refusal Notice REC
Confirmation Notice
 Berufsverschwiegenheit
 Section 8.3(b) through (c)
 Section 8.3
 Relation of Sections 8.2 and 8.3
 Section 8.2 and Section 8.3
 [****]
  Section 8.5(c)
 -26-




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Section 8.5(a) Section 8.5(a) Section
8.5
 Section 8.5 Section 8.5
  Cooperation to Pursue Tax Efficiencies
    Confidentiality
 Definition Confidential Information Disclosing Party Receiving Party Confidential Proprietary
 -27-




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Confidential
 Confidential Information and Exclusions Section 8.5(a)
 Confidentiality Obligation Section 8.7(d)
 Legal Disclosure
 Remedies Section 8.7
 General Knowledge
 -28-




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general knowledge
 Reasonable Efforts
  Standstill
 SEC Section 8.9 Section 8.9
 Section 8.9 mutatis mutandis
    -29-




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Expenses
  Further Assurances
  Notices
  As to E, Inc.:
    
    Evergreen Solar, Inc.138 Bartlett StreetMarlboro, MA 01752 USAAttention:
    
    Richard FeldtRichard ChleboskiChristian EhrbarPhone:+1 508 597 4479Fax: +1 508 2299 7722
 -30-




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with a copy to:
    
    Taylor Wessing PartnerschaftsgesellschaftEbertstraße 15D-10117 BerlinAttention:
    
    Philipp von AlvenslebenMarc Oliver KurthPhone: 49 30 885636 0Fax: 49 30 885636 100As to Q:
    
    Q-Cells SEGuardianstr. 16OT ThalheimD-06766 Bitterfeld-Wolfen, GermanyAttention:
    
    Anton MilnerDr. Hartmut SchueningPhone: +49-34 94-66 99- 10 100Fax: +49-34 94-66 99-10 000with a copy to:
    
    VAN AUBEL RechtsanwaelteKurfürstendamm 57D-10707 Berlin, GermanyAttention:
    
    Dr. Thomas van AubelPhone: +49-30-31 51 90 0Fax: +49-30-31 51 90 90As to REC:
    
    Renewable Energy CorporationKjørboveien 29,NO-1337 Sandvika, NorwayAttention:
    
    John AndersenChristopher GrothPhone: + 47 67 57 44 50Fax: + 47 67 57 44 99As to Sovello:
    
    Sovello AGSonnenallee 14-16OT ThalheimD-06766 Bitterfeld-Wolfen, GermanyAttention:
    
    Ted ScheideggerKatja RaschkePhone: +49-34 94-66 64- 1010Fax: +49-34 94-66 64-1011
 -31-




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Governing Law and Dispute Resolution
    Binding Effect
  Assignment
 provided however
   -32-




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No Third Party Beneficiaries
  Foreign Corrupt Practices Act
 Act
   Sarbanes-Oxley and Nasdaq Covenant
  Amendment, Waivers
 -33-




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Entire Agreement
  No Joint Venture or Partnership
  Language for Joint Venture and this Agreement
  Voting and other rights
  Severability
 -34-




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Teilnichtigkeit teilnichtig
 Condition precedent
  -35-




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IN WITNESS WHEREOF,
 Evergreen Solar, Inc.
    
    Q-Cells SEBy:
    
    /s/ Michael El-Hillow
    
    By:
    
    /s/ Hartmut Schüning / /s/ Anton MilnerPrint name:
    
    Michael El-Hillow
    
    Print name:
    
    Schüning / MilnerTitle:
    
    CFO
    
    Title:
    
    CFO/CEODate:
    
    11/5/08
    
    Date:
    
    05/11/2008Renewable Energy Corporation ASA
    
    EverQ GmbH (as the predecessor entity to Sovello AG)By:
    
    /s/ Erik Thorsen
    
    By:
    
    /s/ H-J Axmann / /s/ C LangdenPrint name:
    
    ERIK THORSEN
    
    Print name:
    
    H-J Axmann / C LangdenTitle:
    
    CEO
    
    Title:
    
    CTO / CSODate:
    
    5 NOVEMBER 2008
    
    Date:
    
    05.11.2008 / 5.11.08
 -36-