MEMC unit invests in solar joint venture (St. Louis)

MEMC’s SunEdison solar energy development division and private equity firm First Reserve Corp. have committed $167 million to establish a joint venture to acquire SunEdison solar photovoltaic energy projects.

Beltsville, Md.-based SunEdison, which MEMC bought in November, has more than 350 solar electric power plants constructed and under management.

Greenwich, Conn.-based First Reserve, which specializes in investing in the energy industry, has $20 billion under management and offices in Houston and London.

The companies said they would contribute an initial $167 million equity commitment over time.

The joint venture could reach up to $1.5 billion in solar projects developed by SunEdison, depending on possible debt financing, possible additional equity that might be raised by First Reserve, and market conditions and development opportunities, the companies said.

SunEdison and First Reserve will contribute capital to the joint venture as projects are constructed in target markets: United States, Italy, Spain and Canada, according to a release. SunEdison will lead the joint venture’s project identification and development process, while First Reserve will lead project financing efforts.

MEMC announced Monday that it would acquire solar crystal manufacturer Solaicx Inc. for up to $103 million.

Read the full post on the solar joint venture in the St. Louis Business Journal.