We describe the new Nancay Radioheliograph (version II) which is a multicorrelator system. The main characteristics of this instrument are high space and time resolutions and flexible on-line data processing. At present it produces one-dimensional images at 169 MHz. This instrument is mainly intended for solar observations. An accurate calibration of the instrument has been carried out leading to a precise fringe stopping and to a proper knowledge of the grating response. Preliminary solar results are presented: existence of apparent motions in noise storms with a velocity of the order of 5000 km s−1; observations of radiobursts as narrow as 0.7′ (Kerdraon, 1977); observations of spikeburst activity.