MEMC completes Fotowatio acquisition


In total, MEMC paid USD$215.6 million for FRV U.S. This includes around USD$19 million in inter-company loans and capital contributions.

The company added that should certain performance targets be achieved, it will pay up to an additional $103.6 million. It did not disclose, however, what these targets are.

"This complementary acquisition will help us secure a leading position in the U.S. utility market," commented Carlos Domenech, president of SunEdison and executive vice president of MEMC.

FRV U.S. has a current operational solar portfolio worth 42 megawatts (MW) in the U.S. Furthermore, it has 28 MW worth of solar projects under development there.

According to a statement released, FRV U.S. staff will remain in northern California and will report to SunEdison.

MEMC added that it will provide further transaction details during its third quarter earnings conference call in November.