MOSCOW, July 30 (UPI) -- Russia says it plans to spend $200 million building the country's largest wind-power plant in the southern Krasnodar Territory near the Black Sea.

The plant will initially produce 50 megawatts of power annually, with an eventual goal of a capacity of 100 megawatts a year, RIA Novosti reported.

The Krasnodar wind farm will be built on a 1,700-acre site near the city of Yeisk on the coast of the Sea of Azov.

Development of alternative energy sources is part of Russian President Dmitry Medvedev's efforts to diversify an economy heavily dependent on oil and gas exports, RIA Novosti said.

Russia also intends to build its first solar plant in the North Caucasus resort city of Kislovodsk at a cost of $99 million.

Construction of the plant, expected to provide an annual 13 megawatts of power, is set to begin in 2011.