TOKYO, JUL 6, 2022 - PAG, a leading APAC-focused alternative investment firm with more than USD50 billion of assets under management, today announced the launch of PAG Renewables, a wholly owned company with the mandate to develop, build, operate, and invest in renewable energy in Asia. PAG is expected to invest over USD1 billion through the platform over the next several years.

Additionally, PAG announced that funds managed by its Real Assets group had successfully closed the previously disclosed acquisition of the Japan-based project development platform of First Solar (NASDAQ: FSLR). First Solar’s development and operations teams will join PAG’s Real Assets team of more than 150 across Asia to form the core of the PAG Renewables business. PAG Renewables will also operate and manage PAG’s existing renewables portfolio.

Combined with PAG’s existing renewables investment portfolio, the acquisition makes PAG Renewables one of Japan’s largest renewable energy platforms with 600+ MW _DC of capacity.

J-P Toppino, President of PAG, said: “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.”

James Buford, President and CEO of PAG Renewables, said, “With a dedicated focus on Asia and a track record of successfully investing more than USD70 billion since its inception, PAG’s deep regional expertise, network, and synergies with real assets business provides a tremendous platform for growth. We are excited to join PAG and announce the launch of PAG Renewables to support the critical expansion renewable energy in Asia.”

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 www.firstsolar.com.

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 www.pag.com.

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