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LG Electronics to invest $436 million on new solar capacity in South Korea

Reuters
LG Electronics' company logo is seen at a shop in central Seoul, July 23, 2013. REUTERS/Lee Jae-Won

SEOUL (Reuters) - LG Electronics Inc on Wednesday said it will invest 527 billion won ($435.67 million) on new solar panel production facilities in South Korea over the next three years, aiming to triple its capacity by 2020.

The South Korean firm said in a statement it would add six new solar panel production lines at Gumi, a city about 200 kms (124 miles) southeast of Seoul, by the first half of 2018. LG already has eight panel production lines in Gumi.

(Reporting by Se Young Lee; Editing by Stephen Coates)