Conergy AG (CGYK), a German solar manufacturer that’s restructuring its operations, canceled a supply agreement with MEMC Electronic Materials Inc. (WFR) and will pay a $21 million early-termination fee to the U.S. provider of polysilicon wafers.
The agreement, which dates to 2007 and was supposed to run until 2018, was worth about $600 million, Hamburg-based Conergy said today in a statement. Conergy no longer produces solar cells and doesn’t need to buy blank wafers.
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