MEMC and Gintech Execute Solar Wafer Supply Contract

MEMC Electronic Materials, Inc. (MEMC) and Gintech Energy Corporation of Taiwan have executed a definitive agreement for MEMC to supply solar grade silicon wafers to Gintech over a 10-year period, with pre-determined pricing, beginning in the second half of 2007. Sales would generate between $2.5-$3.0 billion in revenue for MEMC.

Gintech will advance funds to MEMC for the expansion of MEMC’s manufacturing capacity. In addition, MEMC will be eligible to purchase a 10% interest in Gintech, as well as acquire the rights to an approximate 1.7-hectare parcel of land located within the Hsinchu Science Park. “Located in Taiwan, Gintech is well positioned, both strategically and geographically, to capitalize on the high-growth opportunity available in the solar market,” said Nabeel Gareeb, MEMC’s Chief Executive Officer. “With this announcement, MEMC now has agreements to supply solar wafers worth between $7-$9 billion dollars in revenue over the next decade.” Gintech’s President and CEO Scott Kuo said, “This long-term wafer supply agreement with MEMC provides Gintech with a critical ingredient for success in our efforts to accomplish this goal. In addition, the agreement represents how Taiwan’s manufacturing excellence in semiconductors can also be translated into the growing solar industry.”
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