SolarWorld AG opens module factory in South Korea

Jeonju, South Korea / Bonn, Germany - SolarWorld AG located in Bonn, Germany, has commissioned its first manufacturing facility for solar power modules in Asia together with its Korean joint venture partner SolarPark Engineering Co. Ltd. The module factory in the South Korean city of Jeonju has a capacity of 150 Megawatt and can be expanded to 1 Gigawatt at its present location.

With the new manufacturing facility the SolarWorld Group is taking account of the vigorous market growth for solar power technology in Asia. Frank H. Asbeck, Chairman and CEO of SolarWorld AG: 'In Korea and Japan alone we are expecting an increase in the market volume of at least 800 Megawatt each by the year 2012. These markets will be supplied with the usual SolarWorld quality products from our new manufacturing facility'. The factory was completed exactly on schedule after only six months. The investment volume amounts to 30 million EUR and is split 50:50 between the two joint venture partners.

Group to continue integration strategy with plant construction

SolarWorld AG and SolarPark Engineering Co. Ltd. will continue to cooperate in the future in the construction of turn-key plants for the manufacture of solar power modules worldwide, also for third parties. To this end an agreement was signed on the occasion of the opening of the module factory for the creation of the joint venture SolarPark Manufacturing Equipment Ltd. In this way SolarWorld AG is adding the construction of production plants to its solar value chain.

Source: IWR Online, 11 Dec 2008