The Korean firm will invest around W1.6 billion (around 1.2 million euros) to create the new company. At a later stage, LG expects to increase capital by financing W44.4 billion (around 34 m euros).
LG has worked on solar power before, however it has never done so through a specific business unit.
"LG Corp. has made a decision to advance into the green and renewable energy sector, which has high growth potential, though detailed plans are not yet decided," said Mr Yoo Won, LG's Executive Director.
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