PAG, an Asia Pacific–focused alternative investment firm with more than $50 billion of assets under management, has launched a wholly owned company with the mandate to develop, build, operate and invest in renewable energy in Asia.
The platform, PAG Renewables, is expected to invest more than $1 billion over the next several years.
In other news, funds managed by PAG’s real assets group have acquired the Japan-based project development platform of First Solar. 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 more than 600 megawatts DC of capacity.
“At PAG, sustainability is a core tenet of our invest
