This investment will expand Mitsubishi Electric’s annual photovoltaic (PV) production capacity from 150MW to 220MW in October 2008. Looking to the future, the company aims to establish a production system with an annual capacity of 500MW by 2013.
Mitsubishi Electric said that the PV market has been growing rapidly, reflecting concerns of increasing prices of petroleum and other materials, as well as increased environmental awareness arising from international activities aimed at reducing CO2 emissions to prevent global warming.
Mitsubishi Electric forecasts a global PV market size of 1,950MW in 2008, an increase of 26% compared to 2007, and demand is expected to continue increasing.
The company expects a 30% increase in global shipment volume for fiscal 2008 when compared to 2007. Mitsubishi Electric also has prospects to obtain stable supplies of silicon wafers, which will become the basis of PV cells.
