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Mitsubishi plans big expansion in solar power


Mitsubishi Electric Corp said Wednesday it will spend 50 billion yen to boost solar power cell production four-fold by early 2012 amid growing interest in renewable energies.


The group said it will build a new facility on the site of an existing plant in Nagano Prefecture to step up production of photovoltaic cells “in response to a sharp increase in demand for solar power generation systems.” Prime Minister Yasuo Fukuda has set a target to raise the use of solar cells 10-fold from present levels by 2020, with the government considering subsidies and tax breaks for households turning to solar power.

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