LG Electronics has bolstered its environmentally friendly reputation in the world of consumer electronics, by entering an agreement with Norwegian solar energy leader REC Wafer.

The US $340 million deal is set to be official on January 21, when LG is scheuled to sign the contract entitling them to purchase multicrystalline silicon wafers needed to produce their solar cells until 2014.

Industry experts are forecasting that multicrystalline silicon wafers will make up 80 per cent of the solar industry by 2010, a technology that LG Electronics was keen to embrace.

“Our relationship with REC will give us an opportunity to further our goal of becoming a global leader in solar and renewable energy technologies,” said Dr. Woo Paik, president and chief technology officer for LG Electronics.

In June 2008, LG Electronics acquired the solar operations of its sister-company, LG Chem, and has since devoted a large amount of time to furthering their alternative energy solutions.

In October 2008, LG announced the conversion plans of an old plasma panel production line in its factory in Gumi, South Korea. It is planned that two solar production lines that will take over, will be established in early 2010. Both are said to produce 120 megawatts of solar modules per year.

“LG electronics are devoting a lot of time and money into the research and implementation of alternative energy sources and the company commented that “we see solar energy as a new growth engine for the company.”