First Solar unloads 293-MWp Japanese solar development platform to PAG
First Solar's Series 6 PV modules. Image by: First Solar.
First Solar Inc (NASDAQ:FSLR) today said it has finalised the divestment of its 293-MW direct current (DC) utility-scale solar project development platform in Japan to funds managed by Asia Pacific-focused private investment manager PAG Real Assets.
The thin-film photovoltaic (PV) module maker did not provide financial details about the transaction, which will see most of its project development employees in Japan joining the platform’s new owner.
The 293 MW of solar parks are expected to commence operations in the next two years. As previously announced, their addition to PAG’s portfolio will expand the investor’s renewable energy platform in Japan to more than 600 MW DC.
First Solar agreed to sell its Japanese development platform to PAG in May, along with its local solar operations and maintenance (O&M) platform. The latter comes with about 665 MW DC of assets under management. The deal for its divestment is still pending regulatory clearance and third-party consents and is expected to be completed in the second half of 2022, First Solar said.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.