without these incentives. Our customers pay us only for the electricity output generated by the solar energy systems we install on their rooftops, or other property, thereby avoiding the
significant capital outlays otherwise usually associated with power plant projects, including typical solar power plants. Once installed, our solar energy systems provide energy savings to customers and enable them to hedge a portion of their energy
costs against volatile electricity prices by generating electricity during daylight hours when electricity prices are typically highest. Our objective is to develop solar power generation assets that serve as a cost-effective clean energy
alternative to central-generated power in select markets throughout North America, Europe, the Middle East, South Korea, Thailand, Malaysia, India, China, South Africa and, in the future, other countries in Asia and in South America.
Semiconductor Materials Business
are used as the base substrate for nearly all semiconductor devices, which in turn provide the foundation for the entire electronics industry. We have developed a broad product portfolio of wafers, an extensive global manufacturing footprint,
process technology expertise and supply chain flexibility, while increasing our capital efficiency and maintaining a lean operating culture.
Throughout our over 50 years of operations, we have pioneered a number of semiconductor industry firsts, including the development of the
dislocation-free Czochralski silicon crystal growth process and the chemical-mechanical planarization process, as well as the initial production and commercialization of 100mm and 200mm semiconductor wafers. More recently, we have been a leader
in the development of advanced substrates such as epitaxial (EPI) wafers and wafers for the silicon-on-insulator (SOI) market, which enable advanced computing and communications applications.
We primarily sell our products to all of the major semiconductor manufacturers in the world, including integrated device manufacturers and
pure-play semiconductor foundries, and to a lesser extent, leading companies that specialize in wafer customization. During 2012, our largest customers were Samsung, Taiwan Semiconductor Manufacturing Company and STMicroelectronics. We operate
facilities in major semiconductor manufacturing regions throughout the world, including Taiwan, Malaysia, South Korea, Italy, Japan and the United States. We have chosen to locate our manufacturing facilities in regions that offer both low
operating costs and close proximity to our customers to facilitate collaboration on product development activities and shorten product delivery times.
In recent years, the growth in semiconductor wafer demand has been largely attributable to the proliferation of mobile devices such as smart
phones and tablets. These devices require semiconductors that are energy efficient, low cost, high performance and highly integrated into a small footprint. Semiconductors offering those characteristics increasingly require EPI and SOI
wafers. We believe that the combination of our process technology expertise in EPI and SOI wafer manufacturing with our capital efficiency provides us with significant opportunities as the markets for EPI and SOI wafers continue to grow.
Proposed Initial Public Offering
of Semiconductor Materials Business
On August 22, 2013, we announced that our board of directors had unanimously approved a plan
to divest a minority ownership of SunEdison Semiconductor, Inc. (SSI), a newly formed, wholly-owned subsidiary of SunEdison, Inc. created to own our Semiconductor Materials business, through an initial public offering (the proposed
IPO). On September 9, 2013, SSI filed a registration statement on Form S-1 with the SEC to register shares of common stock to be sold by SSI. Under the terms of the proposed IPO, we will continue to supply polysilicon, and will license
certain technologies, to SSI following completion of the proposed IPO. We will also