Aggressively Investing and Expanding Next Key Growth Business.
SEOUL – LG Electronics (LG) announced plans to significantly expand its solar business by investing USD 820 million (KRW 1 trillion) over the next five years toward its solar cell manufacturing facility in Gumi, 280 southeast of Seoul. Solar energy is one of the company’s key next-generation growth strategies and the investment will increase production capacity to more than 1 GW (gigawatt) and contribute to sales of USD 2.4 billion (KRW 3 trillion) by 2015.
LG completed construction of its first 120 MW (megawatt) capacity solar line in Gumi at the end of 2009 after converting a PDP module assembly line to produce solar panels. LG’s solar business officially launched this year with the plant starting full operation mass-producing crystalline solar cells and modules from silicon wafers. Production will be further expanded with the addition of another 120 MW solar cell line this year to increase its overall capacity to 240 MW.
At Intersolar, the world’s largest solar trade fair held in Germany in early June, LG drew the attention of solar energy dealers from around the world with the announcement that it had closed a deal for the entire 120 MW production yield for 2010 and had strong interest from buyers for its 2011 production as well.
“We are determined to make LG a leading player in the renewable solar energy business and our Gumi production facility is the centerpiece of this vision,” said Kwan-shik Cho, Vice President of LG’s Solar Business. “LG’s R&D, know-how and brand strength will be key factors in this effort.”
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