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PAG, an APAC-focused alternative investor firm that manages more than USD50 Billion in assets, today announced the creation of PAG Renewables. This wholly owned company has the mandate to invest, develop, operate and operate in renewable energy in Asia.
Over the next few years, PAG will invest more than USD1 billion through this platform.
PAG also announced that funds managed under its Real Assets group have successfully closed the previously reported acquisition of First Solar’s Japan-based platform for project development. PAG’s Real Assets group of over 150 Asian staff will be joined by First Solar’s operations and development teams to make up the core of its PAG Renewables business. PAG Renewables will also manage and operate the existing portfolio of renewables.
The acquisition, which was combined with PAG’s existing portfolio of renewables investments, makes PAG Renewables Japan’s largest renewable power platform with 600+MW DC.
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 CEO of PAG Renewables, said, “With a dedicated focus on Asia and a track record of successfully investing more than USD70 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.”