First Solar to sell Japanese platforms to PAG Real Assets

Thin-film photovoltaic (PV) modules maker First Solar Inc (NASDAQ:FSLR) has agreed to sell its 293-MW direct current (DC) utility-scale solar project development platform in Japan along with its local solar operations and maintenance (O&M) platform.

The buyer is Asia Pacific-focused private investment manager PAG Real Assets, which plans to use the acquired assets as “as a key building block” for future investments in the sector, as stated by Jon-Paul Toppino, executive director and president of PAG.

Subject to obtaining regulatory approval, the transaction for the project development platform is seen to close in the second quarter of 2022, while the one for the O&M platform should be completed in the second half of the year. The O&M platform comes with about 665 MW DC of assets under management.

The purchase will expand PAG’s existing portfolio of solar farms in Japan and help create a local renewables operator with more than 600 MW DC of capacity, according to the announcement.

“The sale of these platforms marks the completion of First Solar’s strategic shift to focus on developing, scaling, and selling our advanced module technology,” said Mark Widmar, chief executive officer of First Solar.

The solar panel manufacturer is building two new factories in the US and India, which will double its nameplate manufacturing capacity to 16 GW DC in 2024, it noted.

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