Mitsubishi Electric Corporation (MIELF.PK) announced today that it will invest a total of 7 billion yen to expand annual production capacity of solar modules to 500 megawatts (MW) by 2013.
In response to increasing demand, the company said it will expand production of photovoltaic (PV) cells, at its Nakatsugawa Works Iida Factory, and modules, at its Nakatsugawa Works Kyoto Factory.
The company expects to expand from its current 150 MW production level to 220 MW by October 2008.
Mitsubishi Electric forecasts a global PV market size of 1,950MW in fiscal 2008, an increase of 26% compared to FY07, and demands are expected to continue increasing.
About Mitsubishi Electric
With over 80 years of experience in providing reliable, high-quality products to both corporate clients and general consumers all over the world, Mitsubishi Electric Corporation is a recognized world leader in the manufacture, marketing and sales of electrical and electronic equipment used in information processing and communications, space development and satellite communications, consumer electronics, industrial technology, energy, transportation and building equipment. The company recorded consolidated group sales of 3,855 billion yen (US$ 32.7billion) in 2007.
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