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MEMC Electronics (WFR) Diversifies With Purchase Of SunEdison
MEMC Electronic (WFR) announced today it’s diversifying its business with the $200 million purchase of the largest North American solar services provider SunEdison. The payout will include cash and options and is expected to close by the end of the year and begin contributing to earnings in the second half of 2010.
This is a good move in my opinion and positions the company as a complete solar provider while creating greater efficiencies for both companies. Here’s a comment from the CEO of SunEdison, Carlos Domenech who will continue to lead the company as a subsidiary of MEMC:
“SunEdison has successfully built about 300 solar power plants representing approximately 80 MW of generating capacity on the rooftops and grounds of customers in the United States, Canada and Europe,” said Carlos Domenech, Chief Operating Officer of SunEdison. “Our business is highly scalable and will be able to grow substantially, capitalizing on our more than 1.5 GW of pipeline, backlog and leads with a financially strong, technically sophisticated partner like MEMC, which also has a competitive cost structure in upstream materials. This combination will greatly accelerate our goal of making solar energy cost competitive with grid prices.”
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