EANS-Adhoc: Conergy AG / Conergy reaches agreement with MEMC regarding an adjustment of the wafer supply contract

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ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro
adhoc with the aim of a Europe-wide distribution. The issuer is solely
responsible for the content of this announcement.
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Contracts

24.01.2010

Hamburg, 24.01.2010 - The Hamburg-based Conergy AG and the American
MEMC Electronic Materials, Inc. have reached an out-of-court
settlement of the lawsuit concerning the validity of the wafer supply
agreement which was pending since April 2009 and have agreed on a
further adjustment of this contract. All clauses restricting
competition have been cancelled. Furthermore, the contract has been
adjusted with regard to volumes and price: going forward, the prices
paid for wafers will be based on market prices and the volumes will
be based on the requirements of Conergy´s solar plant in Frankfurt
(Oder), provided Conergy purchases a certain minimum of its
production capacity. This agreement will have a positive impact on
the financial statements for 2009, as Conergy completely wrote off
the prepayment made to MEMC as a precautionary measure when it filed
the lawsuit in April 2009. As a result of the agreement, Conergy is
able to partially reverse the write-off, which will have a positive
impact of approximately EUR 34 million on the financial statements
for 2009.

The agreement has an operational impact, leading to a significantly
more flexible form of silicon wafer supply, which is more in line
with the market. In future, Conergy will cover only half of its
requirements for silicon wafers from MEMC. A minimum purchase value
of less than a quarter of the current contract has been agreed for
the remaining life of the contract, which amounts to approximately
nine years. If Conergy does not purchase the annual amounts agreed,
the life of contract will be extended accordingly. The remaining
supply will be secured through third parties. The company is no
longer obliged to limit purchases to wafers only, but is free to use
silicon ingots, which was not permitted under non-competition clauses
in the original wafer supply contract. The agreement will also enable
Conergy to increase the capacity utilization of its wafer sawing
facility in Frankfurt (Oder) and thus increase value added.
Furthermore, both companies have agreed extensive cooperation with
regard to the implementation of large solar projects beginning in
2010.

Following negotiations with MEMC in mid 2008, the original purchasing
volume of over $ 8 billion agreed in late 2007 was halved. Talks were
resumed at the end of 2008, with the goal of removing clauses from
the contract, which were anti-competitive from Conergy´s point of
view. After these negotiations failed, Conergy filed for the
invalidity of the contract by declaratory judgment in New York City
in April 2009, which has now been settled out of court.

end of announcement euro adhoc
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ots Originaltext: Conergy AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Christoph Marx

Head of Investor Relations

Tel.: +49(0)40 27142 1634

e-mail: c.marx@conergy.de

Branche: Energy
ISIN: DE0006040025
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