Chint Solar, one of the major players in the country’s cleantech sector, has landed a rare $50 million in first-round financing despite the inhospitable economic climate, reports peHub. The funding will push it closer to its goal of producing 1,100 megawatts by 2012 — but will also help it develop technology that will lower photovoltaic module prices to $1 per watt.

Chint’s panels are comprised of thin film and crystalline silicon photovoltaic cells and modules. The company says that using these materials in tandem could also drop the price of operating solar installations to below $2 per watt.

The recent round of funding came from Cybernaut and Shanghai Alliance Investment among others. Chint Solar is a subsidary of the electricity conglomerate Chint Group.