MEMC Electronic Materials Inc.'s (WFR) SunEdison solar unit reached a memorandum of understanding with a province in southeastern Korea for 400 megawatts of solar power projects.
Shares recently rose 1.8% premarket to $10.88. The stock is down 21.5% this year, similar to declines by some other semiconductor-related companies.
The provincial government of Gyeongsangnam-do expects the projects will help meet its goal of obtaining 15% of its power from renewable energy sources by 2030. Demand for solar efforts has rebounded this year, fueled in part by governments aiming to reduce carbon emissions and reduce reliance on fossil fuels.
The Korea projects are slated for public lands and building rooftops and are set for completion by the end of 2013.
MEMC in July posted a second-quarter profit--its first quarterly profit in a year--on gains and sales growth, though earnings of the maker of solar wafers and semiconductor-related products fell short of Wall Street's views.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com