MEMC Electronic Materials Inc., a maker of wafers for semiconductors, completed its $76 million acquisition of silicon-ingot producer Solaicx Inc. to expand its reach in the solar energy industry.

Solaicx owners receive $66 million in cash, plus about $10 million to cover recent investments in the Santa Clara, Calif.-based company, MEMC said Friday in a statement.

The acquisition will add to earnings per share in 2011, O'Fallon, Mo.-based MEMC said. Solaicx's proprietary continuous crystal-growth manufacturing technology will help MEMC produce more-efficient and lower-cost monocrystalline silicon wafers to be used in solar cells, the company said May 24, when the deal was announced.

MEMC owns polysilicon, silane and other photovoltaic precursory materials, and PV wafer and ingot production.

While the company doesn't make PV cells or modules, it aims to take advantage of recent price declines for those materials used by its SunEdison solar project development and installation business, which it bought in November for about $200 million.