Rusnano and Renova, Russia’s high-tech companies, have revealed plans to build the country’s first industrial solar power station near the Black Sea.

The companies joint venture, Khevel, will build the 12.3MW station in the spa resort of Kislovodsk, accordng to RIA Novosti.

The $97m deal was signed by Khevel CEO Yevgeny Zagorodny and Stavropol region Governor Valery Gayevsky.

The Swiss-made thin-film solar panels will be used in the construction of the station, which is expected to start operating by 2012.