China National Invests $300 Million in Isofoton PV Venture

China National Offshore Oil Corp.’s battery unit invested $300 million in a venture with Spanish solar power company Isofoton SA to develop photovoltaic plants across Asia.

China National, the country’s biggest offshore energy explorer, will take a 51 percent stake in the Tianjin, China-based company through its Tianjin Lishen Battery Co. The entity will set up a 150-megawatt manufacturing plant and build power plants, said Isofoton Chief Executive Officer Angel Luis Serrano. Isofoton will own 49 percent and supply the technology.