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First Solar To Sell Japan Project Development and O&M Platforms to PAG Real Assets


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PAG, a prominent APAC-focused alternative investment company, recently announced that funds managed under its Real Assets group have signed an agreement with First Solar, to acquire First Solar’s Japan project development and operation platforms. This acquisition will bring Japan’s largest project development platform to life.


It includes 293 MWDC projects currently under construction. Additional assets are in development. PAG also acquired two First Solar-developed projects, with a combined capacity of 50 MWDC, in 2021. This brings the total number of First Solar projects to 343 MWDC. The operations platform manages 665 MWDC of capacity. 

As part of the acquisition, PAG will bring First Solar Japan’s operations and development teams onboard. PAG will add the First Solar projects in development to its Japanese portfolio of solar farms. This will create one of Japan’s most powerful renewable energy platforms, with 600+MW DC of capacity. J-P Toppino is President of PAG. He stated that First Solar has a strong reputation in the region, and that it was a pleasure to welcome such a professional, experienced team to the PAG family. 

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“This transaction will further position PAG as an important player in Japanese renewable energy and will serve to build a foundation for future investments in the sector”, stated James Buford, Executive Officer at First Solar Japan. After obtaining regulatory approvals, third-party consents, and other customary closing conditions, the transaction is expected close in the second quarter 2022 for project development platform and in the second half 2022 for O&M platform. The terms of the deal are not known.

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