AES, one of the world's largest global power companies, and Riverstone, a New York-based energy and power private equity firm, said they will each invest up to $500 million of capital during the next five years in photovoltaic solar projects around the world.

The jointly owned entity will be called AES Solar. AES said it hopes to become a leading global developer, owner and operator of utility-scale solar installations that will be connected to the power grids that supply homes and businesses.

Projects will range from fewer than two megawatts to more than 50 megawatts in size.

The joint venture will be managed by a seven-member board, three of which will be from AES and three from Riverstone with AES' Robert Hemphill serving as president and chief executive office.