PAG has announced the conclusion of the first stage of the acquisition of a Japan solar energy business. The acquisition was from photovoltaic producer First Solar.
It has been regarded as the seed of a $1 billion pan-Asian investment in renewable energy.
According to PAG, "it acquired a utility-scale solar project development platform in Japan with 293 megawatts of direct current capacity."
PAG regards the First Solar Japan business as one of the country’s largest pipelines of solar projects.
Meanwhile, it also announced a new division known as PAG Renewables which will be focused on developing, building and investing in renewable energy in Asia.
“At PAG, sustainability is a core tenet of our investment philosophy and the transition to domestically-produced, clean energy in APAC will require an investment of trillions over the next decade. Investing in that transition is not only the right thing to do but a tremendous opportunity for PAG Renewables," it said in a statement.
The company has planned to invest at least $1 billion through the new business.
“With a dedicated focus on Asia and a track record of successfully investing more than $70 billion since its inception, PAG’s deep regional expertise, network, and synergies with real assets business provides a tremendous platform for growth,” James Buford, president and CEO of PAG Renewables, remarked.
PAG has a portfolio of solar farms with over 600 MW of capacity.