GWANGJU < invest Korea

Gwangju mayor Kang Un-tae signed a letter of credit (LOC) with SoloPower Korea last week in Los Angeles for establishing manufacturing facilities for CIGS (copper-indium-gallium-selenium) thin film solar cells and a research laboratory.

SoloPower Korea is a joint venture of SoloPower in the United States and CTI. CTI will bear the costs for plant development and labor and SoloPower will invest plant facilities of USD 125 million. Total domestic and foreign investment reached up to USD 250 million (KRW 275 billion).

The investment was attained based on Gwangju’s consistent promotional activities overseas for more than 10 months since it signed an investment agreement of USD 100 million last October with CTI, which has exclusive rights for sales and plant development of the SoloPower.

SoloPower Korea plans to build a plant on a 39,600m2 site in Woljeon foreign investment zone in Gwangju, which will be completed April 2014. When the plant begins operation, it is expected to create 308 jobs and take Korea’s CIGS thin film solar cell technology to the next level.

CIGS think solar cells produce electricity by absorbing light.

They are gaining popularity as CIGS thin film solar cells have higher efficiency and low production costs compared to silicon solar cells. The light, flexible and highly efficient CISG solar cells are widely used in our daily lives.

The SoloPower, established in 2005, focused on research and development for production of CIGS flexible thin film solar cells. It held a notification ceremony for a USD 125 million investment with the Ministry of Trade, Industry and Energy to build a CIGS thin film solar cell plant in Gwangju, when President Park Geun-hye visited the United States last May.

Gwangju mayor Kang Un-tae noted that it is promising to attract world-class solar power technology in Gwangju, adding that the city will focus its administrative and financial efforts to make Gwangju a hub of solar industry.

Source Text

Source: Newsis (July 14, 2013)

** This article was translated from the Korean.