PAG, a Hong Kong-based Asia Pacific (APAC)-focused alternative investment firm, announced Wednesday the launch of PAG Renewables, a wholly owned company with the mandate to develop, build, operate, and invest in renewable energy in Asia.

PAG said in a statement that the fund is expected to invest over $1 billion through the platform over the next several years.

Additionally, PAG announced that funds managed by its Real Assets group had successfully closed the previously disclosed acquisition of the Japan-based project development platform of First Solar.

First Solar’s development and operations teams will join PAG’s Real Assets team of more than 150 across Asia to form the core of the PAG Renewables business. PAG Renewables will also operate and manage PAG’s existing renewables portfolio.

Combined with PAG’s existing renewables investment portfolio, the acquisition makes PAG Renewables one of Japan’s largest renewable energy platforms with 600+ MW DC of 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.”

James Buford, President and Chief Executive Officer of PAG Renewables, said, “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. We are excited to join PAG and announce the launch of PAG Renewables to support the critical expansion renewable energy in Asia.”

PAG is a leading alternative investment firm focused on APAC with three core strategies: credit and markets, private equity, and real assets. Founded in 1997 as Secured Capital Japan, PAG Real Assets has invested $32 billion across more than 7,000 properties across the APAC region.

PAG manages capital on behalf of nearly 300 institutional fund investors, including some of the most sophisticated global asset allocators. As of December 31 2021, PAG had 293 investment professionals in 12 key offices globally. It has over $50 billion in assets under management.

First Solar is a leading American solar technology company and global provider of responsibly produced eco-efficient solar modules advancing the fight against climate change. Developed at research and development labs in California and Ohio, the company’s advanced thin film photovoltaic (PV) modules represent the next generation of solar technologies, providing a competitive, high-performance, lower-carbon alternative to conventional crystalline silicon PV panels.

From raw material sourcing and manufacturing through end-of-life module recycling, First Solar’s approach to technology embodies sustainability and a responsibility towards people and the planet.

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