Intel (INTC) has announced plans to spin-off some assets from its New Business Initiatives group into a new company to make and supply photovoltaic cells called SpectraWatt.

Intel Capital is leading a $50 million investment round in the new company, along with the Cogentrix Energy unit of Goldman Sachs, PCG Clean Energy and Technology Fund and Solon AG. The deal expected to close in the second quarter.

In addition to focusing on advanced solar cell technologies, the company saidm SpectraWatt will work on improving current manufacturing processes to cut the costs of generating solar power. The company plans to break ground on a manufacturing and advanced technology development facility in Oregon later this year, with first shipments expected in mid-2009.

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