LG Electronics invests additional USD 435 million in solar cell production
LG Electronics (LG) has announced plans to significantly expand its solar energy solution business with a multimillion dollar investment to expand its solar panel manufacturing capabilities in South Korea.
LG entered into a memorandum of understanding with the Korean city of Gumi to invest USD 435 million (KRW 527.2 billion) to expand the company's solar cell manufacturing facilities in the city. The addition of six production lines to the current eight will increase capacity from 1 GW to 1.8 GW by 2018 and 3 GW "” equivalent to the electrical power consumed by one million households "” by 2020.
"As a result of this investment, LG's solar power business will be in a much stronger position to be a dynamic engine for growth moving forward," said Lee Sang-bong, LG president and head of its Energy Business Centre and B2B Office. "LG has been actively involved in the solar energy business for two decades and we believe that mainstream consumers are more than ready to give solar more serious consideration."
