Mubadala and PAG Launch PAG REN I to Boost Japan’s Solar Energy Ambitions

PAG, leveraging its extensive experience in the Japanese real-estate market and the expertise of its renewable energy team PAG Renewables, has announced the launch of PAG REN I. This new platform aims to operate across developed Asia Pacific economies, with a primary focus on Japan. It will support Japan’s ambitious solar energy goals, which include the installation of 108GW of solar capacity by 2030.

Hammad Rahman, Head of Asia Pacific – Traditional Infrastructure at Mubadala, expressed excitement about this venture. “Mubadala is thrilled to extend our presence in Japan and the wider Asia Pacific Region alongside PAG, marking our first investment in Japan’s rapidly growing clean energy sector. This investment will contribute to reducing carbon emissions and dependence on imported fuels, aligning with Japan’s domestic and international emission reduction targets. Providing sustainable energy solutions to the corporate and industrial sectors is a key focus of our infrastructure strategy, and we are pleased to execute this in a major global economy like Japan.”

PAG REN I will play a pivotal role in supporting large corporations in Japan as they transition to clean energy. It will capitalize on Japan’s corporate power purchase agreement (PPA) framework, facilitating long-term electricity purchases directly from renewable energy suppliers. Japan is second only to the US in the number of organizations committed to sourcing 100% clean energy under the RE100 initiative.

“We are pleased to partner with Mubadala on this significant investment in renewable energy infrastructure,” said J-P Toppino, Co-Founder and President of PAG. “Japan has a strong commitment to increasing solar power generation, and we are proud to support the country’s ambitious goals. We look forward to participating in Asia’s energy transition.”

Beyond accelerating Japan’s decarbonization efforts, PAG REN I will help achieve the country’s energy security objectives by reducing reliance on imported energy sources in favor of domestic energy production.

This investment underscores Mubadala’s expanding portfolio of renewable and clean energy ventures across Asia, Europe, and North America. In 2022, Mubadala invested in Tata Power’s renewables platform in India, supporting the company’s goal to contribute 30GW, or 6%, of India’s total installed renewable energy capacity by 2030. Additionally, Mubadala acquired a stake in Skyborn Renewables, the world’s largest private offshore wind developer, further solidifying its commitment to global clean energy initiatives.