China National Offshore Oil Corporation (CNOOC; CEO.NYSE, 0883.HKG), China’s largest offshore oil producer, has invested US$300 million through its Tianjin Lishen Battery subsidiary in a Tianjin-based joint venture with Spanish solar power company Isofoton SA, Bloomberg reported. CNOOC will hold a 51% stake in the venture, which plans to develop photovoltaic plants across Asia, while Isofoton will hold the remaining 49%. Angel Luis Serrano, CEO of Isofoton, said the venture company will establish a 150-megawatt manufacturing plant and build power plants. Founded in 1981 as a spin-off from Madrid University 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. “[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.