PAG launches Asia renewables platform

PAG Renewables will also assume responsibility for the firm's existing renewables portfolio. This includes First Solar Japan, which was acquired in May by the private equity firm’s real assets unit for USD 575m, according to a filing.

PAG’s real assets team and First Solar’s development and operations teams will form the core of the new platform. James Buford, Japan country lead for NASDAQ-listed First Solar, has taken the title of president and CEO of PAG Renewables.

First Solar is known for its advanced thin-film photovoltaic modules, which are considered superior to conventional crystalline silicon panels. It is also active in raw material sourcing, manufacturing, and end-of-life module recycling.

PAG’s acquisition of the Japan business delivers it one of the largest pipeline projects in the country, with the potential to generate more than 600 megawatts of energy. It is expected to be operational within two years.

“At PAG, sustainability is a core tenet of our investment philosophy and the transition to domestically produced, clean energy in [Asia Pacific] will require an investment of trillions over the next decade,” Jon-Paul Toppino, president of PAG, said in a statement. “Investing in that transition is not only the right thing to do but a tremendous opportunity for PAG Renewables.”

PAG has more than USD 50bn in assets under management and has invested some USD 70bn since its inception in 1997, including USD 32bn in 7,000 real assets projects across Asia. In March, it became the first large-cap manager in the region to file for an IPO in Hong Kong.

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• Topics
• North Asia
• Infrastructure
• Cleantech
• Buyouts
• GPs
• Japan
• PAG
• renewable energy
• energy