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PAG to acquire First Solar projects in Japan
Deal creates one of the country's largest renewable energy platforms with over 600MW of capacity
The Asset 17 May 2022

Alternative investment firm PAG, through funds managed by its real assets group, has agreed to acquire First Solar’s project development and operations platforms in Japan, which represent one of the largest solar pipelines in the country. Financial terms of the deal were not disclosed.

The project development platform includes 293 megawatts of projects under construction and expected to commence operations in the next two years, as well as additional assets in development. Hong Kong-headquartered PAG had already acquired two First Solar projects with a capacity of 50MW in 2021, bringing the total capacity of projects acquired from First Solar to 343MW.

The operations platform supports and manages more than 665MW of capacity.

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

The deal will include First Solar Japan’s development and operations teams.

PAG president Jon-Paul Toppino says: “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.”

As a provider of solar power technology, Tempe, Arizona-based First Solar is known for its advanced thin film photovoltaic (PV) modules, which provide competitive, high-performance, lower-carbon alternative to conventional crystalline silicon PV panels.

The deal is expected to close in the second quarter of 2022 for the project development platform and in the second half for the operations and maintenance platform, subject to regulatory approvals and other customary closing conditions.

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