MEMC Gobbles Up Fotowatio Renewable Ventures $WFR

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Silicon wafer developer MEMC Electric Materials Inc. (NYSE: WFR) has come to an agreement with solar power developer Fotowatio Renewable Ventures (FRV) to purchase FRV's U.S. subsidiary, Fotowatio Renewable Ventures, Inc. (FRV U.S.).

In order to purchase the rising solar company, MEMC will pay US$112 million in addition to repaying approximately $22.9 million of FRV U.S.'s debt. FRV U.S. has been steadily growing its generation portfolio over the past two years.

Although the 41 MW of operational capacity may seem low, the company's solar pipeline in development could provide MEMC with up to with up to 1.4 GW of solar power.

In June, FRV U.S. was awarded a US$45.6 million loan guarantee from the Department of Energy for the development and construction of a 20 MW photovoltaic (PV) solar power facility just outside of Las Vegas, Nevada.  Additionally, the company has begun construction on a 30 MW solar farm located on the outskirts of Austin, Texas.

FRV U.S. will be added to MEMC's solar development subsidiary SunEdison -- which is also rapidly growing its portfolio. In January 2011, SunEdison brought a 17 MW solar farm online in Davidson County, North Carolina, and as of June 30, 2011 it has 160 MW of solar projects under construction. According to MEMC's second quarter report SunEdison ended the first half of 2011 with a total solar project pipeline of 2.5 GW.

"The acquisition of this solar power leader brings capabilities and a portfolio of solar power projects which are highly complementary to our existing operations," said Carlos Domenech, President of SunEdison and Executive Vice President of MEMC.

He added, "The addition of FRV U.S. represents the potential to capture a leading position in the U.S. utility market. An experienced, well-respected U.S. utility development team will be joining our SunEdison business, which will help to drive innovation and growth, as well as enhance and support our capabilities in serving our customers."

Original Article on EnergyBoom

Source: http://www.solarfeeds.com/energy-boom/17815-memc-gobbles-up-fotowatio-renewable-ventures-wfr

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