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PAG closes first renewables fund at $550m, Mubadala contributes cornerstone investment
Fundraising - MAY 21, 2024

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PAG closes first renewables fund at $550m, Mubadala contributes cornerstone investment

by Kali Persall

PAG, an Asia Pacific-focused alternative investment manager, has closed its first renewable-energy-focused fund, PAG REN I, which is primarily focused on supplying solar power to corporations across Japan. The fund garnered a total of $550 million in capital commitments, and Mubadala Investment Company, the Abu Dhabi sovereign investor, made a cornerstone investment in the fund.

“Mubadala is excited to extend our presence in Japan and the wider Asia Pacific Region alongside PAG, with our first investment in the country’s rapidly growing clean energy sector,” said Hammad Rahman, head of Asia Pacific – traditional infrastructure at Mubadala.

PAG REN I will focus on investing in physical renewable-energy assets in Asia with solar power generation in Japan as a primary target. The fund’s goal is to support the development, acquisition and operations of renewable-energy assets, advancing the region’s clean energy transition while generating attractive risk-adjus

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