Russia to build first solar power station

Nano giant Rusbnano and energy conglomerate Renova have reportedly announced their plans to build the 12.3 megawatt staion in the spa town of Kislovodsk.

"This is a breakthrough into a different dimension," Rusnano CEO Anatoly Chubais told an innovation forum in Moscow, Russian state news agency RIA Novosti reported.

The station is to be built by the companies joint venture Khevel. The $97 million deal was said to have been sealed by Khevel CEO Evgeny Zagordny and Stavropol region governor Valery Gayevsky.

The station could be operational by 2012, Zagorodny said.