MEMC Electronic Pops 20% on European Solar Project Deal

Shares of MEMC Electronic Materials

are seeing increased strength during Monday's trading session after the company announced it received sales contracts for four solar projects in Europe. The four solar projects in Europe represents approximately 98 MW, including 60 MW in Bulgaria and 38 MW in Italy. Cash received on the closing of these transactions will be included in the company's second quarter cash balances, although revenue recognition on the transactions will be subject to applicable revenue recognition rules. MEMC Electronics stated further details will be announced in the coming weeks and during its second quarter earnings call in early August. Currently, shares of MEMC Electronic Materials are trading up about 19% at $2.60 per share.