Suntech takes $212m hit to walk away from MEMC supply deal

Under the deal, signed in 2006, Suntech was required to purchase 4.6GW of wafers from MEMC between 2011 and 2016.

In order to wriggle out of the agreement, it will relinquish $53m in prepayments previously made to US-based MEMC and hand over $67m in four equal instalments between now and April 2012.

Suntech will also write down $92m on its accounts associated with the deal, which was expected to be worth $5bn-$6bn over its lifetime.

But