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MEMC Completes Solar Project Contracts in Europe

9:39 AM MDT | July 3, 2012 | Lindsay Frost

MEMC announced that is has signed sales contracts on four solar projects in Europe, equaling about 98 MW worth of output. 60 MW will be closed in Bulgaria and 38 MW in Italy. Cash from closing the transactions will appear in the company’s second quarter cash balances in its earnings report, to be released in early August. MEMC recently created a vertical integration plan restructuring its workforce, cutting 20% of its employees, idling production at its Italy plant, and combining its solar production and distribution units. Though analysts have downgraded...

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