Energy-focused PE firm First Reserve is teaming up with SunEdison, a division of MEMC Electronic Materials (NYSE: WFR), in a new joint venture to fund solar energy projects in the U.S., Italy, Spain and Canada. The two partners will first gradually commit $167 million to the joint venture, after which First Reserve may commit an additional $150 million. If First Reserve makes the second commitment, the joint venture could fund the acquisitions of solar assets with an aggregate enterprise value of $1.5 billion.