Sino-Spanish joint venture Tayan Energy will invest 700 million euros (about US$782.2 million) in building over one gigawatt of solar power generating capacity in Spain, Portugal and Italy, Lusa reports, citing a written announcement by the company.

The Portuguese news agency says Tayan Energy and Inovolt Ltd of Britain will jointly pursue solar power projects in Portugal with a combined capacity of 650 megawatts.

Tayan said on Monday the first project in Portugal, to build 300 megawatts of generating capacity and with a storage capacity of 15 megawatts per hours, is due to begin in the first quarter of next year.

Tayan Energy is a joint venture by Shanghai Electric Group Co. Ltd of China and Eland Private Equity SGECR SA of Spain, and has its headquarters in the Spanish capital, Madrid, Lusa says.