A leading manufacturer of solar panels, South Korea’s LG Solar has recently announced plans to triple their current manufacturing capabilities by the year 2020.
A $435 million investment will take the company from their current production level of approximately 1 gigawatt per year to 3 gigawatts by 2020. Six more production lines will be installed to enable this growth to occur. This is a major cash infusion by the company and signifies the solar power industry’s overall growth expectations. Three gigawatts is enough to power 1 million homes.
Sang-Bong Lee, LG’s President, stated that “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.” The company sees significant solar adoption by mainstream consumers in the coming years.
LG Solar has been producing solar panels for more than 20 years now. Their past experience plus new investment expenditure puts them in a prime position to continue to be a leader in solar panel sales.
As big of a news story as this may seem, we’re still talking about the beginning stages of the solar power revolution. The bottom line is that 2020 is just a few years away. It will take decades for solar to dominate the energy landscape, both literally and figuratively.
In a way, this is a safe bet for LG. Solar insiders know that the industry is on a major upswing right now, which will only continue in the years to come. This investment by LG can be seen a necessary move to keep pace with other companies making similar commitments.
The company has a fairly popular brand in the American residential solar market. This new benchmark for the company will help ensure that it stays competitive with the other panel manufacturers. For more information about the company, check out the LG Solar page.