MEMC Electronic Materials Inc. and Conergy have amended their 10-year wafer supply contract, adjusting it to approximately $4 billion (compared to $7 billion to $8 billion in the original agreement). This amendment provides more operational and financial flexibility for Conergy and allows MEMC to reallocate wafer volumes to other customers, primarily in the later years of the contract.
Under the terms of the amendment, MEMC will reduce the volume of solar wafers supplied to Conergy in consideration for slightly higher prices. Conergy will continue to advance funds to MEMC in the form of a refundable capacity reservation deposit, commensurate with the volumes in each year. All other terms and conditions remain unchanged.