Hyundai Heavy to Double Investment on Renewable Energy
Hyundai is reporting a doubling of investment in renewable energy.
SEOUL Jan 25 (Reuters) – Hyundai Heavy Industries (009540.KS: Quote), the world’s largest shipbuilder, will double its investment in the renewable energy business during the next three years, mostly for solar power products, a company spokesman said.
“We have an investment plan to spend around 1 trillion won for about the next three years,” the spokesman said, compared with 500 billion won ($447.2 million) during the past three years.
The increased investment comes as Hyundai, which also makes marine engines and energy equipment, hopes to earn more of its future profit from non-ship divisions.
Amid intensifying competition in the fast-growing renewable industry, said the spokesman, Hyundai will expand capacity of its current solar battery plant to 1.2 gigawatts (GW) and complete construction of a thin-film solar cell plant.
(Reporting by Ju-min Park; Editing by Ken Wills) ($1=1118.0 Won)