GWANGJU < invest Korea

SoloPower Korea attracted USD 100 million investment from a U.S. investment agency.

According to Gwangju city, SoloPower Korea signed an investment contract of USD 100 million with the Blue Coast Securities from the United States last month.

SoloPower Korea is a joint venture company of SoloPower from the United States, which has resource technology of making thin-film CIGS solar cells, and CTI from Korea. It plans to build a CIGS module plant of 155 MW in foreign investment zone in Gwangju September and begin production April of 2014.

Following SoloPower’s investment in kind of KSD 125 million, SolowPower Korea attracted its second foreign direct investment (FDI).

With the investment, the amount of FDI increased to reach USD 225 million (KRW 249.5 billion).

SoloPower Korea CEO Song Dong-jeong noted that as demand for CIGS solar cells from Middle East and Southeast Asia, where efficiency of silicon solar cells are relatively low, it plans to invest to enhance facilities in next five years.

Source Text

Source:Newsis (Aug 1, 2013)

** This article was translated from the Korean.