The 12.3 megawatt solar energy plant will be built in the spa resort of Kislovodsk by the companies’ joint venture Khevel.
"This is a breakthrough into a different dimension," Rusnano CEO Anatoly Chubais told an innovation forum in Moscow.
The $97 million deal was sealed by Khevel CEO Yevgeny Zagorodny and Stavropol region Governor Valery Gayevsky.
Swiss-made thin-film solar panels will be used in the construction. The station may start operating as soon as 2012, Zagorodny said.