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Conergy Exits $600 Million Solar-Wafer Supply Contract With MEMC

Conergy AG, a German solar manufacturer that’s restructuring its operations, canceled a supply agreement with MEMC Electronic Materials Inc. 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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