SunEdison partners First Reserve

SunEdison has announced an agreement with First Reserve to establish a joint venture that could provide for the acquisition of up to $1.5bn (£1.04bn) in current and future SunEdison solar photovoltaic energy projects.

The initial equity commitment for the joint venture of $167m will be contributed by First Reserve and SunEdison over time. 

When combined with contemplated additional debt financing, these equity commitments are expected to fund the acquisition of solar assets developed by SunEdison with an enterprise value of $825m. 

The agreement contemplates that depending on market conditions, development opportunities and existing capital of the joint venture, First Reserve may raise an additional $150m of equity that, when coupled with a corresponding increase in project debt financing, could scale the joint venture up to an aggregate of $1.5bn of solar projects developed by SunEdison.