Key Developments: MEMC Electronic Materials Inc (WFR)
6.68USD
20 May 2013
$0.15 (+2.30%)
$6.53
$6.65
$6.83
$6.60
8,987,240
7,054,713
$6.83
$1.44
Latest Key Developments (Source: Significant Developments)
MEMC Electronic Materials Inc's SunEdison Signs Agreement With Petrobras
MEMC Electronic Materials Inc announced that its subsidiary SunEdison has signed an agreement with Petrobras to build one solar photovoltaic power plants in Brazil. The plant will be located in Alto do Rodrigues, Rio Grande do Norte. Once completed, the SunEdison Renewable Operations Center will manage the ongoing operations of the plant. The energy generated will be destined to the National Interconnected System (SIN). This project also includes the construction of a 10 kW experimental platform, (a model plant) at the Federal University of Rio Grande do Norte (UFRN) Department of Electrical Engineering's Laboratory of Power Electronics and Renewable Energy, and counts with partnership of the Center for Gas Technology and Renewable Energy (CTGas-ER) located in Natal (RN). Full Article
MEMC Electronic Materials Inc Proposes Name Change To SunEdison, Inc
MEMC Electronic Materials Inc announced that its plan, subject to shareholder approval, to change its name to SunEdison, Inc. If approved by shareholders, the name change would be effective after the Company's annual meeting of shareholders on May 30, 2013. Full Article
MEMC Electronic Materials Inc's SunEdison And CAP Sign Agreement To Build 100MW Solar PV Plant In Chile
MEMC Electronic Materials Inc's SunEdison announced that it has signed an agreement with the Chilean mining and steel group CAP to construct what is expected to be the largest solar photovoltaic power plant in Latin America and one of the largest in the world. The plant is designed to have an installed capacity of 100MW (DC) and will be located in the Atacama Desert of Chile. It is estimated that the plant will produce as much as 15% of the mining group's energy needs. Full Article
MEMC Electronic Materials Inc's SunEdison And Partners Close $314 million In Funding For 58 MW (AC) In South Africa Solar Projects
SunEdison, a worldwide solar energy services provider and subsidiary of MEMC Electronic Materials, in partnership with Chint Solar, the Public Investment Corporation Inc, and the Kurisani Youth Development Trust, announced that it has closed $314 million (R2.6 Billion) in long-term debt and equity financing for two utility solar projects in Limpopo Province, South Africa. Standard Bank and Futuregrowth Asset Management are the two senior debt providers supporting both projects. The two projects total 58 megawatts MW (AC). Witkop Solar Park (30 MW AC) and Soutpan Solar Park (28 MW AC) will be the first utility scale solar projects to be implemented in Limpopo Province. Under the terms of the financing agreement, power generated from the two facilities will be purchased by Eskom, the national utility in South Africa, through a 20-year power purchase agreement (PPA). The Soutpan Solar Park is expected to interconnect in January of 2014, while the Witkop Solar Park is forecast to interconnect in April of 2014. Construction of both projects is expected to begin in January of 2013. Full Article
MEMC Electronic Materials Inc Announces $200 Million Financing
MEMC Electronic Materials Inc announced that on September 28, 2012, the Company entered into an amendment to its revolving credit facility to accommodate the new term loan. The revolving credit facility capacity remains at $400,000,000, with interest rates thereunder unchanged. The Company plans to use the proceeds of the second lien term loan for incremental liquidity and general corporate purposes, including the payment of fees and expenses in connection with the closing of the term loan. Full Article
Conergy AG Terminates Wafer Supply Agreement with MEMC Electronic Materials, Inc.
Conergy AG announced that it has reached an agreement with MEMC Electronic Materials, Inc. (MEMC) for an early termination of the wafer supply agreement. As a result of the termination of the contract originally running until June 30, 2018, Conergy is no longer bound to purchase wafers for about USD 600 million over the contract period. As a compensation for the early termination of the wafer supply agreement, amongst others, the equivalent of a cash deposit Conergy had provided under the wafer supply agreement in the amount of about USD 21 million (called Refundable Capacity Reservation Deposit, 'RCRD') will remain with MEMC. Further securities provided under the wafer supply agreement from Commerzbank AG totaling to approximately USD 29.5 million (so-called letters of credit) will be fully available for the operational business of Conergy again after consummation of the agreement. In addition, claims of MEMC from the wafer supply agreement against Conergy totaling to approximately USD 5.5 million will be deferred on bail until July 1, 2013. Full Article
MEMC Electronic Materials, Inc. Subsidiary SunEdison Sells 60 Megawatt Bulgarian solar park to ACF Renewable-SeeNews Renewables
SeeNews Renewables reported that SunEdison, a subsidiary of MEMC Electronic Materials, Inc. has divested its 60 Megawatt solar power plant in southern Bulgaria to Malta-based ACF Renewable Energy. The BGN 350 Million (USD 219.9 Million/EUR 179 Million) solar plant, which includes 214,000 solar modules on 299 acres of land, was connected to the grid in March, 2012. It is expected to produce power to supply some 27,000 households. Full Article
Southern Company And Ted Turner Acquire Second Solar Photovoltaic Power Project From MEMC Electronic Materials 's SunEdison
Southern Company and Turner Renewable Energy founder Ted Turner announced that the companies have acquired and will bring on line a 20 megawatt solar photovoltaic power plant in Nevada. The Apex Solar Project was acquired from and was built by SunEdison, a global provider of solar energy services and a subsidiary of MEMC Electronic Materials. Turner, an internationally renowned philanthropist and environmentalist, teamed with Southern Company in January 2010 to form a strategic alliance to pursue development of renewable energy projects in the United States. Southern Company and Turner are focusing on developing and investing in solar photovoltaic projects in the Southwest, where solar resources are in demand. The partnership's first project was acquisition and development of the 30-megawatt Cimarron Solar Facility on land adjacent to Turner's Vermejo Park Ranch near Raton, N.M. Terms of the transaction were not disclosed Full Article
MEMC Electronic Materials, Inc. Announces Chief Financial Officer Transition
MEMC Electronic Materials, Inc. announced that it will transition the Chief Financial Officer(CFO) role to Brian Wuebbels from the Company's current CFO, Mark Murphy. Mr. Murphy resigned as MEMC's CFO, effective May 16, 2012, to return to Praxair, Inc. to become President, Praxair Surface Technologies. Mr. Murphy will work with MEMC in a consulting role in the near term to assist in the transition. Mr. Wuebbels has been appointed to the position of Executive Vice President and CFO succeeding Murphy effective the same date. Full Article
MEMC Electronic Materials, Inc. Issues Q1 2012 EPS Guidance Below Analysts' Estimates
MEMC Electronic Materials, Inc. announced that for the first quarter of 2012, it expects non-GAAP EPS to be roughly in line with fourth quarter 2011 non-GAAP EPS excluding restructuring, impairment, and other charges. The Company reported non-GAAP EPS of ($0.21) in the fourth quarter of 2011. According to I/B/E/S Estimates, analysts were expecting the Company to report non-GAAP EPS of $(0.06) for the first quarter of of 2012. Full Article
MEMC loss exceeds estimate as solar energy sales slump
- Silicon wafer maker MEMC Electronic Materials Inc reported a slightly bigger-than-expected quarterly loss as sales at its solar energy business fell by about 30 percent.
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