September 23, 2009

St. Peters, MO, USA: MEMC and Gintech Amend Wafer Supply Agreement

MEMC have entered into amendment number 4 to the solar wafer supply agreement between Gintech Energy and the company's subsidiary, MEMC Singapore Pte. Ltd.

MEMC had previously agreed to sell solar grade silicon wafers to Gintech over a ten-year period. Similar to amendments effected for MEMC's other long-term solar wafer supply agreements, the amendment provides that aggregate revenues to MEMC over the ten-year life of the agreement will remain unchanged, but additional price reductions for the remainder of 2009 and an increase in the minimum quantity of wafers required to be purchased by Gintech in 2009 have been effectuated.

The amendment also provides a mechanism to defer potential purchase shortfalls for a particular contract year resulting from the increased volume commitment if certain conditions are met.

In addition, the parties agreed that, if Gintech has complied with certain specified conditions, future contract year pricing may be adjusted up or down on a quarterly basis to a "competitive" price per watt, as determined by MEMC.

Any such changes in pricing will result in corresponding volume increases or decreases in order to maintain the original aggregate revenues over the ten-year life of the agreement. The amendment also includes corresponding adjustments to the security deposit and letter of credit requirements.

In connection with the amendment, as additional consideration to MEMC, Gintech agreed to sell to MEMC Gintech's share interest in Eversol, representing approximately 8.4% of Eversol's equity interests, at Gintech's cost of approximately $5 million, subject to obtaining required regulatory approvals for such transfer.

Gintech also provided MEMC with Gintech board observer rights.

Further details about: MEMC and Gintech Energy