SunEdison’s Singaporean arm ends wafer supply deal with Gintech
Oct 7, 2013 - US-based SunEdison Inc (NYSE:SUNE), former MEMC Electronic Materials Inc, said on Friday its Singaporean unit had cancelled a deal for the supply of solar wafers to Singaporean solar cell maker Gintech Energy Corp (TPE:3514).
The long-term deal was scrapped on September 30. Under the original contract, sealed back in 2006, the US semiconductor and solar technology provider’s subsidiary SunEdison Singapore Pte Ltd was to deliver photovoltaic (PV) wafers for a term of 10 years to Gintech on a take or pay basis, starting in the second half of 2007. As part of the agreement, Gintech provided SunEdison with funds in the form of an interest-free loan or security deposit as an advance distribution. However, “Issues with respect to Gintech's price and volume purchase obligations have created challenges to reaching a mutually beneficial arrangement between the parties,” the US firm explained.
Following the cancellation of the initial contract, SunEdison will receive part of the agreed security deposit.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.