CTI Co., a local partner of SoloPower, a U.S.-based thin-film solar photovoltaic producer, said Wednesday that it signed a memorandum of understanding with Gwangju Metropolitan City to build a production site and R&D center for SoloPower Korea, a joint venture between the two companies.

Under the MOU, CTI will invest 111 billion won ($100 million) to build two facilities in the region, while Gwangju City will fully support the company to implement its investment plan by offering administrative support, a rental manufacturing facility site and tax benefits.

The company added that if the investments are put in place as planned, the company will be able to create about 250 jobs in the city.

Gwangju City promised its full support in hope that the investments will not only create news jobs in the city but also play a leading role in cultivating solar power business among local governments.

SoloPower’s thin-film technologies, which are used in outdoor photovoltaic solar power production, have drawn attention from the industry as one of the most effective solar power generation systems.

(jyseo@heraldcorp.com)