The Kerala State Industrial Development Corporation has signed an agreement with Korean company Ju Sung Engineering for the first phase of setting up a project for solar panels with an annual capacity of 100 MW.

The Korean company, engaged in the development and production of solar cell manufacturing equipment and module manufacturing units, will invest 500 crore rupees in the project, a KSIDC press release said.

After a pre-feasibility study by Centre for Management and Development authorised by KSIDC, the joint venture will prepare a detailed project report for the scheme.

The pact for the joint venture will be executed after the feasibility of the project was established, the release said.