SEOUL, Dec. 22 (UPI) — South Korean shipbuilder Hyundai Heavy Industries Co. said Wednesday it would diversify its focus with a new alternative energy division.

“The new division will help us meet needs from customers and expand our business as well,” a company spokesperson said.

Yonhap News agency reported the company said it would concentrate on solar and wind power. With the creation of a new division, Hyundai plans to increase its current solar cell production capacity to 1 gigawatt by 2012.

The division’s immediate goal is to generate $1.74 billion in sales revenue in a solar and wind power business by 2012, Yonhap said.

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