MEMC, Gintech amend solar supply deal

St. Peters, Mo.-based MEMC Electronic Materials (NYSE: WFR) said it amended its long term agreement to supply solar wafers to Taiwan's Gintech Energy, increasing the value of the contract to between $3 billion and $4 billion.

MEMC said sales of the additional wafers over the 10 year period, beginning in 2008, would generate an additional $700 million to $800 million in revenue for the company.

"Gintech is a fast growing and well positioned player in the solar industry and we are pleased to provide them with additional solar grade wafers to help enable them to meet the growing demand for photovoltaic energy worldwide," said Nabeel Gareeb, CEO of MEMC.

"With partners like Gintech, and a keen focus on our core competency of making wafers, MEMC continues to strengthen its position in the solar marketplace."

MEMC has research and development and manufacturing facilities in the U.S., Europe and Asia.

"Gintech continues to grow its capacity, and aims to play a major role in serving the globe with sustainable and clean energy," said Ellick Liao, president of Gintech.

"MEMC wafers are a critical ingredient for success in that process, and we are pleased to expand our relationship with MEMC."

Gintech, founded in 2005, has a production line focused on solar cell manufacturing.