SunEdison, a division of MEMC Electronic Materials, just announced a new joint venture with First Reserve. The joint venture could provide funding for the acquisition of up to $1.5 billion in solar projects.

To start, SunEdison and First Reserve will contribute an initial equity commitment of 167 million. Combined with additional debt financing under consideration, this will fund the acquisition of $825 million of SunEdison’s solar assets. Depending on market conditions, First Reserve may also raise an additional $150 million of equity plus more debt financing, allowing for the acquisition of up to $1.5 billion of solar projects developed by SunEdison.

In a press release, Carlos Domenech, President of SunEdison, commented on the news:

“We are excited to partner with First Reserve, a proven leader in energy infrastructure financing. The industry needs efficient and scalable financing models to meet demand.  We expect the joint venture to help facilitate the development of our existing backlog of project opportunities and prospective projects that meet our development criteria.”