Conergy To Sue MEMC Electronic Materials (WFR) Over Contract

It’s official: Conergy is suing MEMC Electronic Materials to try to end a 10 year supply contract with the company. The contract was signed before the economy crashed and took silicon wafer prices down with it. Talks between the two companies to amend the contract broke down last week.

Here’s more from Greentech Media:

Conergy didn’t divulge details of the contract dispute, except to say that it was able to reach some agreement on the financial terms but not on “various auxiliary conditions.” The two companies signed the contract in late 2007, before the financial market crisis severely crimped demand for solar power components and materials, leading to much lower prices than anticipated.

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