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MEMC, Suntech end wafer supply agreement

Fri, 07/01/2011 - 5:27am
Reuters

BANGALORE (Reuters) - MEMC Electronic Materials Inc said its affiliate ended a deal to supply solar wafers to Suntech Power Holdings Co Ltd citing issues related to purchase obligations arising out of the market downturn in early 2009.

Suntech has agreed to pay MEMC a termination fee of $120 million, of which its had previously deposited $53 million in cash under the agreement and the remaining $67 million would be paid by a letter of credit, MEMC said in a statement.

MEMC, which supplies the raw material for the solar and semiconductor industries, and China-based solar panel maker Suntech signed had signed a 10-year supply agreement in 2006.

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