by 2003 it reported positive earning figures. MEMC's sales topped $1billion in 2004, and it was number three in market share. Through a secondary offering, TPG reduced its share of MEMC in 2005 to 34%, and by the end of 2007, to zero. On October 30, 2008, Gareeb stepped down as president and CEO of the company. Solar market entry In 2006 MEMC announced its large-scale entry into the burgeoning solar wafer market, via longterm agreements to supply China-based Suntech Power and Taiwan-based Gintech Energy with solar-grade silicon wafers. Similar contracts followed with Germany-based Conergy in 2007, and Taiwan-based Tainergy Tech in 2008. The company cultivated short-term solar wafer customers as well. By 2007, MEMC held approximately 14% of the solar wafer market. Having returned MEMC to a foundation of profitability and having helped it enter the solar market, CEO Nabeel Gareeb resigned in November 2008. Ahmad Chatila was appointed president and CEO in February 2009. In July 2009 MEMC and Q-Cells, which specialized in construction and operation of photovoltaic plants, formed a joint venture to build Strasskirchen Solar Park, a 50 MW photovoltaic plant in Bavaria, Germany, with MEMC supplying the solar wafers and Q-Cells converting them into solar cells. Both partners invested $100million each, in return for a 50%-each ownership of the project. As planned, the plant was sold to an investment firm, Nordcapital, after operations started at the beginning of 2010. Acquisition of SunEdison In November 2009 MEMC acquired the privately owned company SunEdison LLC, North America's largest solar energy services provider. Founded by Jigar Shah and Claire Broido Johnson SunEdison had been developing, financing, building, operating, and monitoring large-scale photovoltaic plants for commercial customers, including many national retail outlets, government agencies, and utilities, since 2003. The company had pioneered solar-as-a-service, and the solar power purchase agreement (PPA) for no-money-down customer financing. With the acquisition of SunEdison, MEMC became a developer of solar power projects and North America's largest solar energy services provider. CEO Ahmad Chatila announced that "MEMC will now participate in the actual development of solar power plants and commercialization of clean energy, in addition to supplying the solar and semiconductor industries with our traditional silicon wafer products." SunEdison was purchased for $200million, 70% in cash and 30% in MEMC stock, plus retention payments, transaction expenses, and the assumption of net debt. Following its acquisition of SunEdison, MEMC also began to focus on developing and