Oerlikon won a Russian solar order that analysts say may be worth more than 300 million Swiss francs ($277 million) from a business partly owned by the Swiss company’s biggest investor, billionaire Viktor Vekselberg, Oerlikon said Monday.

Nano Solar Technology, a joint venture between Vekselberg’s Renova Group and Rusnano, ordered a 120-megawatt production line for thin-film solar modules, Oerlikon said in an e-mailed statement.

“With the envisaged production capacity of 1 million solar modules annually, this is the largest equipment order in the worldwide thin-film silicon photovoltaic market in 2009,” the company said.

The order may be worth more than 300 million Swiss francs, according to Helvea analyst Reto Amstalden. Vontobel analyst Michael Foeth estimates it to be at least 200 million francs. Renova spokesman Daniel Grotzky said the parties agreed not to disclose details of the contract. He said the whole project has a “volume” of 20.1 billion rubles ($620 million).

The contract is “absolutely” necessary for Oerlikon, as order intake at the solar unit probably won’t meet Helvea’s expectations for the first half, Amstalden said in a research note. Oerlikon also makes machinery for the textile industry and drive systems for cars.

“This order may show that the business for large project financing is opening up again, although we would like to see Oerlikon Solar also receive big orders from other customers that are not linked to Renova,” he added.