If reports are to be believed, Rs 500 crore has been initiated to be invested in Kerala by a Korean company to seize the opportunity in the solar power sector. The investment will be done towards the first phase of production of solar panels that can annually produce 100 MW energy.
Kerala State Industrial Development Corporation (KSIDC) has signed a Memorandum of Understanding (MoU) with a Korean company named Jusung Engineering. Jusung Engineering is engaged in the development and production of solar cell manufacturing equipment and plans to set up a solar cell and module manufacturing facility in Kerala.
This MoU was signed among Tom Jose, managing director, KSIDC, and Tae Kwang Kang, vice-president, Jusung Engineering, Korea and was exchanged in the presence of Industrial Minister P K Kunhalikutty.
The joint venture plans to execute its agreement after establishing the feasibility of the project. KSIDC will assist Jusung Engineering in securing land, power and other infrastructural support required for the project. As of now, the plan proposes manufacturing of solar cells and modules with dimension of six inch and having 20 per cent efficiency.
The Kerala Government is trying to explore the possibility of setting up this venture into United Electricals’ property situated in Kollam. Centre for Management Development (CMD) has been engaged by KSIDC to carry out a pre-feasibility study of the project. The study is expected to be completed in May 2013.
