MEMC Electronic Materials, Inc. has announced the signing of an agreement for the supply of solar wafers to the value of over $3 billion to Tainergy Tech Co., Ltd., a Taiwan-based solar cell manufacturer. The agreement, which will see MEMC provide Tainergy with solar wafers for the next ten years, will commence in the third quarter of 2008.
The price of the wafers has been pre-determined, allowing for an estimate of the value of the deal. Tainergy and MEMC have agreed an advance in funds to MEMC via a refundable capacity reservation deposit. MEMC has also been presented with the opportunity to purchase a 10% interest in Tainergy.
“We are pleased to have entered this long-term agreement to provide solar wafers to Tainergy,” said Nabeel Gareeb, MEMC’s CEO. “The company’s roots in equipment manufacturing and factory automation systems combined with a solid management team and geographic position should allow them to achieve success in the solar market. Today’s announcement marks the fourth strategic partner for MEMC in the solar arena, and the second in Taiwan, as MEMC continues to expand its customer list in solar applications and increase its geographic diversity.”
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By Síle Mc Mahon