LG wants to triple production of solar panels by 2020

LG plans to significantly increase the production of solar panels in the coming years. The group will add six production lines to the existing eight lines until 2020. With this, the company wants to be prepared for the expected increasing demand from mainstream consumers.

LG is investing 527 billion Korean won, or 402 million euros, into its existing solar panel plant in Gumi, South Korea. That investment includes the construction of six new production lines and an increase in annual capacity from 1GW to 1.8GW by 2018 and to 3GW by 2020. LG estimates that 3GW is the equivalent of the annual consumption of one million households.

LG started producing solar panels in 1995. “We believe mainstream consumers are now more than ready to consider solar,” said Lee Sang-bong, CEO and head of LG’s Energy Business Center.

LG introduced its new NeON 2 solar panels last year, with a peak power of 320W. In addition to achieving a higher peak power than previous panels, they should also last longer. The manufacturer uses circular wiring to diffuse light more effectively, increasing absorption and decreasing electrical loss.