MEMC Electronic Materials completes the acquisition of SunEdison

MEMC Electronic Materials has completed the acquisition of SunEdison LLC.

SunEdison manage, develop, finance, operate and monitor solar power plants for commercial customers, including many national retail outlets, government agencies, and utilities.

"This acquisition further enhances our positioning in the solar industry," said Ahmad Chatila, Chief Executive Officer of MEMC. "Renewable, clean solar energy is still in its infancy as a growing global industry. Our role in reducing costs in both the components of solar modules and well as the actual solar plants will help to further accelerate this growth."

"Our strategy is to drive revenue growth for our wafer business while SunEdison produces a recurring revenue stream from solar generated electricity. At the same time, SunEdison can directly benefit from the technological and cost advances that we are helping to create with continuing improvements in silicon wafer technology. This acquisition is the beginning of an exciting new chapter in the successful 50 year history of MEMC."

SunEdison will continue to operate with the SunEdison name, as a subsidiary of MEMC.

For more details visit www.memc.com