TOKYO (AFP) — Japan's Mitsubishi Electric Corp. said Wednesday it will spend 50 billion yen (458 million dollars) 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."
Japan, which has virtually no natural energy resources of its own, aims to take the lead in environmentally friendly energy.
Japanese 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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