Conergy Reaches Out-Of-Court Settlement with MEMC, Inc.

Conergy AG, Hamburg, one of the major German solar companies, is reported to have reached an out-of-court settlement with its wafer supplier MEMC Electronic Materials, Inc. 

The settlement ends a lawsuit, which Conergy filed last summer with respect to a wafer supply contract concluded in 2007.  While the original contract amounted to EUR 8 billion, the volumes supplied by MEMC will now be based on the requirements of Conergy’s solar plant in Frankfurt (Oder). The prices paid for wafers will be based on market prices. According to Frankfurter Allgemeine Zeitung, MEMC is guaranteed a minimum purchase worth EUR 1 billion over nine years.

The settlement helps Conergy return to profitability after reporting heavy financial losses in 2007, 2008 and the first nine months of 2009.

Source: Conergy AG, Frankfurter Allgemeine Zeitung, 26 January 2010, page 14

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