News Article
MEMC Closes Solar Projects In Europe
Company to hand much of windfall to the banks
Only a couple of days after selling a large Las Vegas solar farm, MEMC Electronic Materials has announced a group of European sales that will see their solar division now contributing the most to the company's balance sheet. MEMC reported that during the second quarter it executed sales contracts for four solar projects in Europe representing approximately 98 MW, including 60 MW in Bulgaria and 38 MW in Italy.
Cash received on the closing of these transactions will be included in the company's second quarter cash balances, although revenue recognition on the transactions will be subject to applicable revenue recognition rules. It is unlikely the cash will stay long in the companies coffers as at least the Bulgarian project was brought about through finance from the banking sector. Money that will need to be repaid.
The company chose to give little detail on the deals and have indicated the next quarter will provide more detail. The company's stocks rose following the announcement.
