Hyundai Heavy Industries has decided that it will increase photovoltaic capacity by twice as much. They aim to do this by additional installing of large scale facilities.
From July, Hyundai will start the installment of a photovoltaic plant located in Eumseong in Chungbuck and enlarge its solar capacity to 600MW of modules and solar cells.
This is equivalent to increasing its capacity twice from 320MW to 370MW, which was the largest in the nation. It plans to complete an additional building in early 2011 and enter into production from the second quarter.
After completion of this project, about 200,000 households can use electricity produced by photovoltaic modules.
A decisive reason for the additional constructions was that an increasing demand cannot be met by a power plant in Eumsung because of photovoltaic subsidies in European countries including Germany and Italy in 2009.
Another reason was the bright growth expectation in the photovoltaic market.
According to a photovoltaic market outlook published in April, it is expected to increase from 7GW in 2009 to 13GW in 2010, 19GW in 2012 and over 30GW in 2014 thanks for the new growth policy from various countries and the improvement of profitability in photovoltaic development.
An official from Hyundai Heavy Industries said that it has already secured this years supply and begun production for 2011.
Through this additional building, it will solidify its position in the domestic market and jump into the world's top 10 companies by producing 1GW, which is equivalent to the sale of 2 trillion won.
SOURCE: APEC-VC Korea/ Konetic
