PAG achieves $550m commitment for APAC renewable energy fund

It will initially focus on Japan’s solar power.

Asia Pacific-focused investment manager PAG has achieved its first renewable energy-focused fund, raising a total of $550m in commitments.

In a statement, PAG said the PAG REN I fund will focus on investing in the development and acquisition of renewable energy assets in the region, focusing on solar power in Japan.

ALSO READ: APAC leads global wind power sector growth

“The strong response to this fund demonstrates investor confidence in the need and opportunity to enable the transition from fossil fuels to clean, domestically produced sources of energy generation in Asia,” PAG Renewables President and CEO James Buford said.

The fund’s investors include pensions, sovereign wealth funds, and funds of funds investors in North America, Europe, and the Middle East.

PAG said the region is the largest and fastest growing energy market in the region which will require more than $2t of investment for renewable energy.