Victorian new energy technology company RayGen Resources and Chinese energy company JuYe Solar signed an agreement that will boost Victoria's renewable energy technology capabilities, and increase investment opportunities between China and Victoria.

The signing ceremony held in Beijing was attended by Victorian Premier Daniel Andrews, senior officials of the Chinese Government, senior executives from JuYe Solar and the CEO of China Three Gorges New Energy Company.

This funding will be used for the construction of a A$5 million semiconductor manufacturing facility in Victoria, to build receivers for the company's innovative concentrated solar photovoltaic  (CPSV) technology.

The receivers will then be sold to the Chinese market under a three way Memorandum of Understanding between JuYe Solar, China Three Gorges New Energy Company and RayGen Resources.

The Victorian Premier, Daniel Andrews said, "This deal demonstrates the value of Victoria's growing trading relationship with China and shows that two-way investment is beneficial to both our state and our largest trading partner."

Key renewable energy investment announcements from the Victorian Government and the Australian Government have opened the door to increased collaborative opportunities for China and Australia, building on the Chinese-Australia Free Trade Agreement (ChAFTA), which was signed in Canberra on 17th June 2015.

The Victorian Government has also announced a Government purchasing tender for new renewable energy projects in Victoria via the Renewable Energy Roadmap – which will invest around A$200 million in new renewable energy projects.

In addition, the Australian Government is also investing A$350 million in a large scale grid connected solar program, which is funded through the Australian Renewable Energy Agency (ARENA) and the Commonwealth Clean Energy Finance Corporation (CEFC).