HYUNDAI HEAVY TO BUILD US$181 MLN SOLAR CELL PLANT

Hyundai Heavy Industries Co., the world's largest shipbuilder, said it plans to invest 190 billion won (US$181 million) to build a solar-cell plant, as part of efforts to diversify its revenue resources.

The factory will be constructed by February 2010, the company said in a regulatory filing.

In March, Hyundai Heavy said it plans to set up a polysilicon-producing joint venture with KCC Corp., a South Korean chemical producer. Polysilicon is an essential raw material in the production of solar cells for panels that convert sunlight into electricity.

Hyundai Heavy is building its second factory to manufacture solar modules and solar cells. In 2006, the shipbuilder set up a plant which produces 150,000 solar modules annually.

Shares of Hyundai Heavy closed at 369,500 won on the Seoul bourse, up 0.96 per cent.

(Yonhap)