Japan's Pacifico Energy launches USD-274m solar investment fund

Kinugawa Forest Solar Power Plant (Photo: Business Wire)

December 2 (Renewables Now) - Japanese solar projects developer Pacifico Energy KK on Monday announced the initial closing of its second solar investment fund (Fund II), which raised JPY 29 billion (USD 274m/EUR 249m) from local institutional investors.

The fund has already acquired the Kinugawa Forest Solar Power Plant in Shioya, Tochigi prefecture, with a direct current (DC) capacity of 35.1 MW, and plans to acquire another four solar parks next year. The five plants will have a total DC capacity exceeding 216 MW, according to the statement.

Nomura Securities Co Ltd and Goldman Sachs Japan Co Ltd acted as co-placement agents to the fund.

Pacifico, which has developed solar projects with combined DC capacity of more than 1 GW, is also providing asset management services to the solar projects.

The company's first investment fund, Fund I, raised JPY 15.5 billion from investors. It consisted of five solar plants in Japan with a total DC capacity surpassing 100 MW and its current performance is ahead of its target returns.

Pacifico intends to launch more renewable energy funds, consisting of its own developed solar plants as well as external solar assets. The planned funds are expected to have a combined DC capacity of over 1 GW and JPY 150 billion in total investment over the next two years, the company said.

(JPY 100 = USD 0.945/EUR 0.859)

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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