LG Electronics to open 500-MW solar module plant in US

South Korea's LG Electronics Inc (KRX:066570) will open a solar module assembly plant in the US that is expected to produce 500 MW of solar panels per year from early 2019.

The company will invest USD 28 million (EUR 24.3m) in the new factory, which will be located at an existing building on the company's campus in Huntsville, Alabama.

LG Electronics USA, the North American subsidiary of LG Electronics, and Alabama governor Kay Ivey announced the news on Wednesday.

The new plant will have two production lines and will initially assemble LG's NeON 2 series 60-cell modules of 340 W.

LG said it selected Alabama after a multistate search. The new facility will create about 160 jobs, increasing LG's employment at the site to more than 400 workers. Huntsville is currently the headquarters location for the company's North American service operations.

Soon Kwon, global president of the LG B2B (Business-to-Business) Company, said LG is one of the leading suppliers of solar panels for the US residential market and the new solar plant will help it better serve its US customers.

LG joints other companies that have announced plans for US solar manufacturing plants after US president Donald Trump imposed safeguard tariffs on imported solar cells and modules in January. Photovoltaic (PV) manufacturer Hanwha Q Cells Korea Corp recently unveiled plans to build a solar module factory in the US with a capacity of more than 1.6 GW per year, while JinkoSolar Holding Co Ltd (NYSE:JKS) is working on a plant in Florida.

(USD 1 = EUR 0.867)

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