MEMC Electronic Materials (WFR) Targets Military Solar Projects With Fotowatio Purchase

MEMC Electronic Materials (WFR) announced earlier today that it has purchased the US subsidiary of Fotowatio Renewable which the CEO said provides them with an opportunity to grab a leading position in military solar installations as well as a nice compliment to its Sun Edison solar project subsidiary.  MEMC will pay about $135 million for Fotowatio plus a potential deferred payment of up to around $100 million depending on Fotowatio performance targets.

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"The acquisition of this solar power leader brings capabilities and a portfolio of solar power projects which are highly complementary to our existing operations," explained Carlos Domenech, President of SunEdison and Executive Vice President of MEMC. "The addition of FRV U.S. represents the potential to capture a leading position in the U.S. utility market.  An experienced, well-respected U.S. utility development team will be joining our SunEdison business, which will help to drive innovation and growth, as well as enhance and support our capabilities in serving our customers."

Fotowatio’s US solar portfolio covers about 42MW in existing installations including 14MW at Nellis Air Force Base.  More importantly the company has 28 projects in various stages of development providing MEMC with up to 1.4GW in solar projects in the US.  The acquisition is expected to close by the end of the year.  All in all, a nice acquisition for MEMC. 

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