TSMC puts money into solar power

Taipei, Taiwan – Taiwan Semiconductor Manufacturing Company (TSMC) has struck a deal with Powerchip Semiconductor (PSC) to buy the DRAM maker’s 9.7 percent stake in Neo Solar Power.

Neo Solar makes crystalline silicon solar cells and, according to Digitimes, the stock transfer is likely to take place before then end of next week in a deal worth an estimated $21.3 million. 

A couple of months ago, Neo Solar chairman and CEO Quincy Lin let it be known that his company was open to strategic alliances after substantial Q1 losses and wanted to attract new shareholders.

TSMC’s board then announced plans to invest up to $50 million in solar technology, saying it was a good bet for future growth.