SoloPower Korea, a firm jointly established by a U.S.-based thin-film solar photovoltaic producer and its local partner CTI Co., said Wednesday that the company has concluded an investment contract worth $100 million with U.S.-based Blue Coast Securities Corp.
SoloPower Korea CEO Song Dong-jeong said that the company has been struggling to find a proper investor in Korea due to lack of awareness of CIGS ― semiconductor material composed of copper, indium, gallium and selenium ― as well as the economic downturn.
As the company turned to overseas markets to search for an investor, it could increase the amount of foreign direct investment up to $225 million, according to the company officials.
Its plant in Gwangju will help supply global demand for CIGS and also produce over 1 gigawatt of energy by gradually improving its facility for the next five years.
The plant is expected to begin CIGS production next April.