Alternative investment company PAG on July 6 introduced, PAG Renewables, a new platform for the development, operation, and investment in renewable energy sectors in Asia. PAG is expected to invest over $US 1 billion in the region in the next few years.
In addition, by purchasing the Japan-based project development platform of First Solar, PAG will have First Solar’s development and operations teams joining their Real Assets team of more than 150 across Asia.
According to PAG’s statement, PAG Renewables will also operate and manage the company’s existing renewables portfolio. The acquisition of First Solar and PAG’s existing renewables portfolio add up to one of the largest renewable energy platforms in Japan with over 600 megawatts capacity.
J-P Toppino, President of PAG, said: “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.”
