LG Electronics said it would invest approximately $A180 million to increase capacity in its solar power business by mid-2015.

“LG has issued corporate bonds to invest in lines for n-type high efficient NeON solar modules and infrastructure maintenance at the firm’s Gumi plants,” the company announced in its financial report filed at the Korea Exchange last week. LG will execute a series of investment plans by the end of July this year to increase the high efficiency NeON module in the 310 to 320W power class.

At its meeting with analysts and reporters last Thursday, Chung Do-Hyun, LG’s chief financial officer said that the firm’s solar power business, an independent business unit of the electronics firm, turned to profit in the fourth quarter last year, pinning high hopes on future sustained growth for the business unit.

“LG’s latest funding and capacity increase is part of our long-term strategy to gain product leadership in the high efficiency solar segment,” said Markus Lambert, Australian National Sales Manager, LG Solar division.

Facing steep competition from Chinese firms with low-cost, lower efficient 250 to 260W solar products, LG has been ramping up its efforts to roll out products featuring high quality, performance and efficiency over 300W via its NeON range.

The decision to increase capacity, follows close on the heels of LG Solar receiving the TOP BRAND 2015 PV award from EuPD Research in Bonn, Germany. This win by LG solar of being nominated as “Most popular solar panel” by installers and consumers in Germany, England and the Benelux Countries, means LG solar panels are ranked among the top foreign module manufacturers selling in Europe on recommendation levels by installers and consumers for the 2nd year in a row.

LG now belongs to a group of leading top brands, which are awarded with the Top BRAND PV seal. “We are delighted to receive the TOP BRAND PV seal. The award is the result of tireless work in the field of research and development as well as our close relationship with our distribution partners and dealer in many parts of the world” said Lambert.