PAG launches renewables development, investment platform

The company is expected  to invest more than $1b in the platform

Alternative investment firm PAG launched a new platform PAG Renewables for the development, operation, and investment in renewable energy in Asia.

In a statement, PAG, which is focused on investments in the Asia-Pacific, said it is expected to invest over $1b through the platform in the following years.

“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” said PAG President J-P Toppino.

READ MORE: Record global investment to grow 8% to $2.4t in 2022: IEA

Meanwhile, the investment firm, which has over $50b of assets under management, said the funds managed by its Real Assets Group have closed the acquisition of the Japan-based project development platform of First Solar.

Following the acquisition, First Solar’s development and operations team will join PAG’s Real Assets team of over 150 across Asia, forming the core of the PAG Renewables' business.

It added that the new platform would also be mandated to operate and manage the investment firm’s existing renewables portfolio.

PAG Renewables becomes one of the largest renewable energy platforms in Japan with over 600 megawatts, direct current of capacity, combining PAG’s existing investment portfolio and the acquisition.