A subsidiary of SPI Solar Inc. announced Monday it has an agreement with a Chinese company to acquire 168.5 megawatts of solar projects across China over the next year.

The price was not disclosed.

TBEA Sunoasis, based in Urumqi, China, was founded in 2000. It does research and manufactures solar photovoltaic products and systems. It is developing projects in Gansu Province, Xinjiang Region, Inner Mongolia Region and Qinghai Province. All of them are connecting to the grid by the end of 2015.

"This important strategic partnership is part of an ongoing effort by SPI to take advantage of a rapidly expanding PV installation market across China through collaborations with key players," SPI Solar chairman Xiaofeng Peng said in a news release.

On Nov. 12, SPI Solar said it is planning to buy a different Chinese photovoltaic company for $101.3 million. In that deal, SPI will buy Guodian Nailuen Tumed Left Banner PV Electricity Co. Ltd., which operates 65 megawatts of solar projects in Inner Mongolia. That project was completed in 2013.

Solar electricity generation is growing quickly in China, given that the country's national energy administration has policy initiatives encouraging solar power.

The Chinese government has continued to increase its target of installed photovoltaic capacity. Four years ago, the Chinese government had a goal of reaching capacity of 35 gigawatts by the end of 2015.

But the growth outpaced the goal. In 2013 alone, China installed 11.3 gigawatts of solar panels, more than double the installations of the previous year, and bringing the country's total capacity to more than 18 gigawatts. It is on track for at least as much new solar installed again in 2014, which means the country will easily surpass its 35 gigawatt goal by the end of 2015.