PAG eyes USD 1bn of investments through new renewables platform
Solar plant. Photo by: First Solar (www.firstsolar.com)
Asia Pacific-focused private investment manager PAG Real Assets today said it has launched a new renewables-dedicated platform that will facilitate some USD 1 billion (EUR 974.8m) in investments over the next few years.
Dubbed PAG Renewables, the new company will focus on the Asian market, seeking to develop, build, operate and invest in renewable energy projects. Its first addition is a 293-MW direct current (DC) utility-scale solar project development platform in Japan that PAG just acquired from First Solar Inc (NASDAQ:FSLR). The business will operate and manage PAG’s existing renewable energy portfolio, as well.
PAG, which currently has more than USD 50 billion of assets under management, said that the acquisition from First Solar has expanded its Japanese renewables fleet to more than 600 MW DC.
“With a dedicated focus on Asia and a track record of successfully investing more than USD 70 billion since its inception, PAG’s deep regional expertise, network, and synergies with real assets business provides a tremendous platform for growth,” said James Buford, President and CEO of PAG Renewables.
As previously announced, PAG is also in the process of buying First Solar’s solar operations and maintenance (O&M) platform in Japan, which comes with about 665 MW DC of assets under management. The deal is expected to close in the second half of 2022.
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.