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MEMC Withdraws U.S. Loan Guarantee Application for Solar Project

Oct. 3 (Bloomberg) -- MEMC Electronic Materials Inc. withdrew its application for a U.S. Energy Department loan guarantee to build a 20-megawatt solar photovoltaic power plant in Nevada.

The company’s SunEdison project development unit decided to drop out of the guarantee process because it wasn’t able to complete the paperwork ahead of the program’s Sept. 30 deadline, Mark Mendenhall, SunEdison’s president for North America, said today in an interview.

MEMC, based in St. Peters, Missouri, acquired the solar project in its August purchase of Fotowatio Renewable Ventures Inc., the U.S. development unit of Madrid-based Fotowatio Renewable Ventures.

SunEdison plans to complete the project by the end of next year using funds from private investors and some investors have already expressed interest in the project, Mendenhall said.

The Fotowatio project received a conditional commitment for a $45.6 million guarantee in June. Electricity from the plant will be sold to Nevada Power Company.

To contact the reporter on this story: Zachary Tracer in New York at ztracer1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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