Hanwha Chemical to invest $673 mln in solar sector

SEOUL, Oct 23 - South Korea's Hanwha Chemical said on Friday it would invest 800 billion won ($673 million) in the solar cell business in the next six years.

The investment aims for one trillion won in revenue and five percent of global market share by 2015, the company said in a filing to the stock exchange.

Heavy polluters in South Korea, one of the world's fastest growing carbon emitters and the No. 5 crude oil importer, pump billions of dollars into renewable energy and other green projects, cashing in on state incentives and the global push for renewable energy.

Competitor LG Chem has already established a strong presence in rechargeable batteries, as it would supply batteries to General Motors' Volt plug-in vehicle.

LG Chem trades at 9 times its estimated earnings, while Hanwha Chemical trades at 4 times. Shares of Hanwha Chemical gained 0.43 percent to 11,700 won as of 0439 GMT, underperforming the broader market. ($1=1188.0 Won)