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SunEdison – Flextronics (FLEX) Partnership to Create Jobs and Solar Panels

|Includes: Flex Ltd.. (FLEX)

SunEdison, a subsidiary of MEMC Electronic Materials Inc. (NYSE: WFR), today announced that affiliate MEMC Singapore has established a partnership with electronics manufacturing services provider Flextronics.

Per the agreement, SunEdison will produce solar photovoltaic (PV) panels at Flextronics’ facility in Newmarket, Ontario. Production is slated for the second quarter of 2011, at which time Flextronics will produce MEMC branded solar panels to be used by SunEdison for its PV projects.

According to today’s press release, the agreement enables SunEdison and its project partners to exceed the 60 percent domestic content requirement of Ontario’s Feed-in Tariff Program (NYSE:FIT) and fuel SunEdison’s anticipated growth in the region.

“This initiative not only satisfies the domestic content requirement for SunEdison, but also signals a significant long-term investment in the Ontario solar market,” Carlos Domenech, president of SunEdison stated in the press release. “We see tremendous opportunity in supplying high-quality panels to accommodate the large volume of projects in the area.”

E.C. Sykes, president of Flextronics Industrial, highlighted Flextronics’ strengths and its competitive position in the solar industry.

“Flextronics has some of the most advanced clean tech manufacturing capabilities in the industry, enabling the competitiveness of our customers both globally and also in local markets such as Ontario,” Sykes stated in the press release. “We are pleased to strengthen our relationship with MEMC. They are a trusted partner and together we look forward to bringing new jobs to the community.”

The projects are expected to generate about 100 jobs to the York Region province, supporting Newmarket’s clean tech initiatives.

“Growing Newmarket’s economy with clean and green technologies is a priority of the Town Council and a focus of our economic development strategy,” Newmarket Mayor Tony Van Bynen stated. “The establishment of a green industry leader such as SunEdison in Newmarket aligns perfectly with the town’s commitment to the environment, our focus on advanced manufacturing and creating more homegrown jobs.”

The region’s interest in implementing jobs and environmentally friendly standards matches the fundamental goals of SunEdison and Flextronics.

“We are partnering with Flextronics, the Town of Newmarket and the Region of York because of their clear dedication to sustainability,” Jason Gray, vice president and country manager of SunEdison stated. “We are committed to creating green jobs and building a green economy for Ontario. This initiative will provide an initial 50 megawatts of annual panel capacity that will have the potential to scale to 200 megawatts over time, and therefore, the potential to add even more green jobs for the province.”

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