MEMC Electronics (WFR) Signs MOU For 400MW In Solar Plants In Korea

SunEdison, a major subsidiary of MEMC Electronic Materials (WFR) has announced that is has signed a non-binding memorandum of understanding with a local government in southeastern Korea for the establishment of up to 400MW in solar plants on public land and rooftops. 

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The government would aid MEMC in securing in locating land and securing the necessary permits.  Assuming all goes according to plan, the projects are expected to be completed over the next three years.  MEMC has plans to re-invest a percent of profits into the local economy and encourage local companies to work with them on construction.

Shares of WFR are trading up nearly 3% in pre-market trading and continue to look increasingly bullish in recent weeks.  The stock continues to trade above the 50 day moving average and key support around the $10 level.  It’s a mighty compelling long term entry point down at these levels.

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