Hyundai Heavy's chairman and chief executive officer Min Keh-sik and Saint-Gobain chairman Pierre-Andre de Chalendar officially signed the construction contract in Paris.
The contract stipulates that the companies will each invest 50 percent of the 220 billion Won (approximately 140 million euros) into the factory. The solar cell factory is slated to produce 100 megawatts of CIGS solar cells annually. Construction is set to commence in December this year and finished by the first half of 2012.
The factory construction aligns itself with Hyundai Heavy's bid to become one of the top five global solar power producers by 2015 with an annual capacity of 400 MW. The completion of the new plant will also place Hyundai Heavy as the only Korean company to produce both thin film and crystalline solar cells. Saint-Gobain, one of the world's biggest glass and construction material producers, will supply high quality glass for the production of CIGS solar cells via its Korean unit, HanGlas. Hyundai Heavy's chairman told the press that the company is set to write new chapters in Korea's photovoltaic industry with this move.
Hyundai Heavy is the sole Korean company with an integrated solar power production system manufacturing a full range of solar power products such as polysilicon, ingot/wafer, solar cell, solar module and solar power system.
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