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MEMC Closes Solar Projects in Europe

published: 2012-07-03 16:05

MEMC Electronic Materials, Inc. (NYSE: WFR) reported today 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. Further details will be forthcoming in the coming weeks and during our second quarter earnings call in early August.

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