Rusnano will contribute 3.7 billion rubles to the new company's charter capital and loan it an additional 9.8 billion rubles.
Renova, owned by billionaire Viktor Vekselberg, will control 51 percent of the new venture.
The facility is to be based on an existing chemical facility and will produce 1 million solar modules per year by the end of 2011, which will provide 120 megawatts of electricity per year.
The facility will be the largest source of alternative energy in Russia, said Anatoly Chubais, Rusnano's head.
The joint venture will use thin film technology developed by Swiss company Oerlikon Solar, in which Renova holds a 45 percent stake.
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