China National Offshore Oil Corporation (CNOOC; CEO.NYSE, 0883.HKG), the country's largest offshore oil producer, has invested US$300 million through its subsidiary Tianjin Lishen Battery to set up a Tianjin-based joint venture with Spanish solar power company Isofoton SA, Bloomberg reported.

Tianjin Lishen Battery will hold a 51% stake in the venture,which will develop photovoltaic plants across Asia, while Isofoton will hold 49%. Angel Luis Serrano, CEO of Isofoton, said the venture company will establish a 150-megawatt manufacturing plant and build power plants. "[The deal provides] financing for our pipeline of 1,000 megawatts in projects. The technology will be supplied from either our plant in Malaga or the one we are planning in the US," Serrano said, adding that Isofoton may build its own solar panel factory in the country next year. Founded in 1981 with projects in over 60 countries, Isofoton is shifting its manufacturing to China after government subsidy cuts in 2009 squeezed its sales of its panel unit in Spain.