A solution that satisfies Conergy and MEMC

Hamburg, January 24, 2010

Conergy and MEMC reach agreement

In the dispute between them, Conergy AG and MEMC Electronic Materials reached an amicable settlement by adjusting the wafer supply contract, which until then amounted to $8 billion.
A new partnership agreement between Conergy AG and MEMC has been signed. From now on, the wafer volumes supplied by MEMC will be based on the needs of the CONERGY plant in Frankfurt an der Oder, and the price of these wafers will be adjusted to market prices.
Conergy CEO Dieter Ammer said: "This is a very positive outcome for Conergy. This agreement frees us from a significant burden that was hampering our competitiveness and now gives us greater flexibility and responsiveness. MEMC is focusing its strategy on the benefit of its customers, and we are pleased to continue our relationship as a strategic partner. This makes Conergy an even more reliable and efficient player in the photovoltaic market."

The successful conclusion of these negotiations also pleased Ken Hannah, President of MEMC Solar Materials; "With this agreement, we are also very pleased to extend this business collaboration. We will once again supply Conergy with substantial quantities of high-quality wafers. In addition, we have agreed to cooperate on major projects, which should foster the growth of both our companies; particularly through the integration of MEMC wafers."
In the future, MEMC will supply approximately half of Conergy's wafer requirements. The remaining requirements will be easily sourced from other companies, as this agreement allows Conergy to purchase ingots from various suppliers. These ingots will then be directly cut into wafers at the Frankfurt/Oder plant, thereby increasing the added value of its production.

Conergy will thus regain real competitiveness in a very competitive market, thanks in particular to greater diversification and security of its raw material supplies, the volumes of which will be fully in line with the needs of the CONERGY factory in Frankfurt am Oder.
In 2010, CONERGY will therefore be able to significantly increase the production volumes of its POWERPLUS module range thanks to its regained control of the value chain and offer its customers a very competitive product range in terms of quality and price.
"With this agreement, we have reached an important milestone in our reorganization," says Dieter Ammer. "At the end of 2007, we averted an imminent liquidity shortage. At the beginning of 2008, a financial rescheduling enabled us to begin the restructuring process; by the end of 2008, we had significantly improved Conergy's financial position. We are now more efficient, more effective, and more competitive."
"The banks have actively supported us throughout this process, and we are grateful. Furthermore, with our growth since late 2007, I have no doubt they will continue to support us."

Conergy
Hamburg-based Conergy AG is one of the leading companies in the photovoltaic market, with nearly 1 employees in 700 different countries on more than four continents. Conergy develops and produces crystalline solar modules, inverters, and mounting systems at three locations in Germany. Thus, Conergy offers its customers its own comprehensive product range for solar equipment, combining high quality with German technology. In addition, Conergy develops, finances, and installs solar equipment, such as large ground-mounted projects, and works on large-scale renewable energy projects outside the photovoltaic sector.
Since its founding in 1999, Conergy has installed more than 1,25 gigawatts of renewable energy, including approximately 1 gigawatt of solar power. Since 2005, the Conergy Group has been listed on the Frankfurt Stock Exchange (ISIN: de 00060 40025) and is pursuing a growth strategy in alternative energy markets.
Conergy and MEMC reach agreement

Press release from Conergy AG (ISIN 00060 40025) dated January 24, 2010
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