MEMC Electronic Materials Inc. and Germany-based solar developer Conergy AG have reached an out-of-court settlement of a lawsuit related to a solar wafer supply contract between Conergy and MEMC Singapore Pte. Ltd.
The terms of the amended contract include a significant reduction in the minimum quantity of wafers that Conergy must purchase over the remaining eight-plus years of the contract, as well as a minimum market-share commitment should Conergy's demand exceed the reduced quantities, the companies state.
The amendment also modifies the pricing terms to be based on market rates similar to other MEMC long-term solar wafer supply agreements. The settlement includes a payment to MEMC of an undisclosed amount.
SOURCE: MEMC Electronic Materials Inc.