LG Elec to invest $825 mln in solar cells by 2015 | business | Hindustan Times
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LG Elec to invest $825 mln in solar cells by 2015

South Korea's LG Electronics Inc said on Friday it would invest 1 trillion won ($824.5 million) by 2015 in its solar cell business, as it seeks new growth drivers.

business Updated: Jun 19, 2010 11:04 IST

South Korea's LG Electronics Inc said on Friday it would invest 1 trillion won ($824.5 million) by 2015 in its solar cell business, as it seeks new growth drivers.

LG, which converted one of its loss-making plasma flat screen panel production lines into its first solar cell unit in 2008, said it would build another line by the end of this year.

It aims to boost annual production capacity to 1 gigawatt in three years from the current 120 megawatts and generate 3 trillion won in revenue in 2015 from its solar cell business.

South Korean firms led by Samsung and LG are investing heavily in renewable energy, with Samsung Group planning to spend 23.3 trillion won by 2020 in new businesses such as solar and rechargeable cells, and LG Group targeting investment of 20 trillion won through 2020 to produce green energy products.