Suntech Announces 10-Year Solar Wafer Supply Agreement

In a recent contract agreement valued at $5 billion to $6 billion, Suntech Power Holdings Co., Ltd. will receive solar wafers from MEMC Electronic Materials over a 10-year period with growth trajectory of annual supply over the years.

A pre-determined fixed price reduction curve will provide Suntech with competitively priced wafers as Suntech increases its output to meet market demand. Plus, MEMC has received a warrant to purchase an approximate 4.9% equity stake in Suntech. ”PV technology is a proven clean-energy solution that is playing an increasingly important role in meeting the global challenge of ever-growing energy demand,” said Dr. Zhengrong Shi, Suntech’s chairman and CEO. MEMC has been a pioneer in the design and development of wafer technologies over the past four decades, with R&D and manufacturing facilities in the United States, Europe and Asia. Suntech Power Holdings Co., Ltd. designs, develops, manufactures and markets a variety of PV cells and modules for electric power applications in the residential, commercial, industrial, and public utility sectors. Its customers are located in Germany, Spain, China and the U.S.
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