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16 May 2022

PAG, First Solar Agree to Landmark Renewable Energy Transaction


TOKYO, MAY 16, 2022 - PAG, a leading APAC-focused alternative investment firm, today announced that funds managed by its Real Assets group have entered into an agreement with First Solar (NASDAQ: FSLR) to acquire First Solar’s project development and operations platforms in Japan.

The project development platform being acquired is one of Japan’s largest solar pipelines and includes 293 MWDC of projects under construction and expected to commence operations in the next two years, as well as additional assets in development. Additionally, PAG had acquired two First Solar-developed projects with a capacity of 50 MWDC in 2021, bringing the total capacity of projects acquired from First Solar to 343 MWDC. The operations platform supports and manages more than 665 MW DC of capacity. PAG will bring on board First Solar Japan’s development and operations teams as part of the purchase.

PAG adds the First Solar projects under development to its existing portfolio of solar farms in Japan, creating one of Japan’s largest renewable energy platforms with 600+ MW DC of capacity.

J-P Toppino, President of PAG, said: “First Solar has an unmatched reputation in this region and we are pleased to have such an experienced, professional team join the PAG family. This transaction further positions PAG as a leading player in renewable energy in Japan and will serve as a key building block for our future investment in the sector.”

“We are incredibly excited to join PAG who, like us, sees tremendous opportunity for renewables to address the need for energy independence and the transition to carbon neutrality in Japan and beyond,” said James Buford, Executive Officer of First Solar Japan.

The transaction is expected to close in the second quarter of 2022 for the project development platform and the second half of 2022 for the O&M platform, after obtaining regulatory approvals, the receipt of third-party consents and satisfying other customary closing conditions. Terms of the deal were not disclosed.

About First Solar
First Solar is a leading American solar technology company and global provider of responsibly produced eco-efficient solar modules advancing the fight against climate change. Developed at R&D labs in California and Ohio, the company’s advanced thin film photovoltaic (PV) modules represent the next generation of solar technologies, providing a competitive, high-performance, lower-carbon alternative to conventional crystalline silicon PV panels. From raw material sourcing and manufacturing through end-of-life module recycling, First Solar’s approach to technology embodies sustainability and a responsibility towards people and the planet. For more information, please visit

About PAG
PAG is a leading alternative investment firm focused on APAC with three core strategies: Credit & Markets, Private Equity, and Real Assets. Founded in 1997 as Secured Capital Japan, PAG Real Assets has invested USD32 billion across more than 7,000 properties across the Asia-Pacific region. PAG manages capital on behalf of nearly 300 institutional fund investors, including some of the most sophisticated global asset allocators. As of 31 December 2021, PAG had 293 investment professionals in 12 key offices globally. PAG has over US$50 billion in assets under management. For more information, please visit

Media Contacts
Tim Morrison
+852 3719 3375

James Jarman
FTI Consulting
+65 8202 3735

Charlotte Cheung
FTI Consulting
+65 8023 8864

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