MEMC & Conergy Announce $7 Billion Solar Wafer Agreement

Wafer manufacturer, MEMC Electronic Materials, Inc. and solar system provider, Conergy announced that they have executed a definitive agreement for MEMC to supply solar grade silicon wafers to Conergy.

Under the terms of the definitive agreement, MEMC will supply solar wafers to Conergy over a 10-year period, with pre-determined pricing, on a take or pay basis beginning in the third quarter of 2008.

Sales of the wafers over the 10-year period would generate between $7 billion and $8 billion in revenue for MEMC. As part of the definitive agreement, Conergy will advance funds to MEMC in the form of a capacity reservation deposit. In addition, MEMC will participate in 5% of the increase in value of Conergy’s solar module/cell subsidiary.

Conergy says that as a result of the agreement it expects to be able to deliver systems that will reach grid parity in South Germany as early as 2014. At that point, electricity from photovoltaic cells will cost the same as electricity from conventional energy sources.

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