MEMC Electronic Materials Inc. and Conergy 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 predetermined 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.
"MEMC is very pleased to enter this long-term wafer supply relationship with Conergy," says Nabeel Gareeb, MEMC's CEO." Conergy is the largest installer of photovoltaic systems in the world, and we are pleased with the prospect of helping them expand their leadership position in the marketplace."
"This agreement with an efficient industry leader like MEMC will play an important role as we continue to increase our scale and enhance the total value proposition for our customers," adds Hans-Martin Ruter, Conergy's CEO.