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The Associated Press May 25, 2010, 10:54AM ET

Companies set up joint venture for solar projects

SunEdison, the solar development division of MEMC Electronic Materials, announced a joint venture Tuesday that is authorized to spend as much as $1.5 billion on energy projects.

SunEdison has more than 350 solar electric power plants constructed and under management. First Reserve Corp., the other side of the partnership, has $20 billion under management.

The two will commit $167 million initially and could scale the joint venture up to $1.5 billion worth of projects developed by SunEdison.

Projects will be pursued in the U.S., Italy, Spain and Canada. Once constructed, they will be operated and managed by SunEdison.

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