LG Triples South Korean Solar Capacity, Taps ‘Dynamic Engine for Growth’
Electronics giant LG plans to triple its solar panel manufacturing capacity in South Korea from one to three gigawatts by 2020, at a cost of US$435 million.
“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,” said President Lee Sang-bong, who described the company’s solar business as “a dynamic engine for growth.”
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The company has “entered into a memorandum of understanding with the Korean city of Gumi to invest in the expansion of its solar cell manufacturing facilities, with the addition of six new production lines to the current eight,” RenewEconomy reports.
Run on Sun founder and CEO Jim Jenal said the announcement opened the possibility of lower module prices, “making top-of-the-line solar affordable for mainstream consumers.”