Tokyo-based Pacifico Energy has launched its second solar investment fund with an initial commitment of ¥29 billion ($264 million) from Japanese institutional investors. The fund, which will consist of five Japanese solar power plants totaling more than 2,160 megawatts, has also acquired its first asset, a 35-megawatt solar plant project located north of Tokyo.
The fund expects to add the remaining four solar plants to its portfolio next year.
Fund II’s predecessor fund launched in 2017, raising ¥15.5 billion ($141 million) from Japanese institutional investors. Fund I was comprised of five Japanese solar power plants totaling more than 100 megawatts.
Pacifico said it plans to launch additional renewable energy funds in the future, incorporating a pipeline of its own developed solar projects and carefully chosen external solar assets. The projects are expected to grow the funds to more than 1 gigawatt of projects with a ¥150 billion ($1.3 billion) cumulativ
