Taiwan to invest $1.4 bln in renewable energy

TAIPEI, Aug 18 (Reuters) - Taiwan's government will invest T$45 billion ($1.4 billion) in the island's domestic renewable energy sector, it said on Tuesday, in a move it says will help the sector grow nearly eight-fold by 2015.

The island's government said it now aims to increase industry production value to T$1.158 trillion in 2015 compared to T$160.3 billion right now.

"The green energy sector can turn Taiwan into a major power in energy technology and production, as well as provide the creation of green jobs," Taiwan's Premier Liu Chao-shiuan said in a statement.

The statement did not say over what period the investment would be made.

The move is likely to further propel shares of companies specialising in alternative energy and energy efficiency, with firms such as LED manufacturer Lite-On Corp (2301.TW) and Epistar Corp (2448.TW) expected to benefit from the investment.

Other companies such as top contract chipmaker TSMC (2330.TW) and electronics giant Hon Hai (2317.TW) have also announced plans to enter the sector, as they diversify away from the increasingly competitive manufacturing stronghold.

(Reporting by Kelvin Soh; Editing by Ken Wills)