Microprocessor maker Intel Corp. says it is starting a solar company to manufacture and supply photovoltaic cells for makers of solar modules.

Intel announced Monday that it will create an independent company called SpectraWatt Inc. that will be based in Hillsboro.

Intel’s global investment arm, Intel Capital, is leading a $50 million investment round in the startup. Other investors include Cogentrix Energy, a subsidiary of The Goldman Sachs Group; PCG Clean Energy and Technology Fund and Solon AG.

The transaction is expected to close in the second quarter this year, and the project is scheduled to break ground in the second half of 2008, with shipments to begin by mid-2009.