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Hong Kong’s PAG Closes on $550M for First-Ever Renewable Energy Fund

May 20, 2024
in Technology
Hong Kong’s PAG Closes on $550M for First-Ever Renewable Energy Fund
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A PAG solar facility in Japan’s Miyagi prefecture (Image: PAG Renewables)

PAG on Monday announced the closing of its maiden fund focused on renewable energy, with the Hong Kong-based private equity firm having won $550 million in committed capital for the new vehicle.

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 company said in a release. The news comes after PAG last year acquired a Japan solar energy business as the seed of a $1 billion pan-Asian investment in renewables.

The initial fund aims to support development, acquisition and operations of renewable energy assets to advance Asia’s clean energy transition while generating attractive risk-adjusted returns. Investors in PAG REN I include pension funds, sovereign wealth funds and funds of funds based in North America, Europe and the Middle East.

“We are grateful for the support that REN I has received from a diverse group of institutional investors,” said James Buford, president and CEO of PAG Renewables. “The strong response to this fund demonstrates investor confidence in the need and opportunity to enable the transition from fossil fuels to clean, domestically produced sources of energy generation in Asia.”

Big in Japan Solar

As part of a deal first announced last May, funds managed by PAG acquired a utility-scale solar project development platform in Japan with 293 megawatts of direct-current capacity from NASDAQ-listed photovoltaic producer First Solar.

PAG Renewables president and CEO James Buford

PAG had acquired two projects developed by First Solar in Japan with a combined 50MW of DC capacity in 2021, with the 2023 buy bringing the fund manager’s total acquisitions from First Solar to 343MW. In total, PAG now has one of Japan’s largest portfolios of solar farms, with more than 600MW of DC capacity.

Last July, the firm led by chairman and CEO Weijian Shan announced the formation of PAG Renewables, a new division dedicated to developing, building and investing in renewable energy in Asia.

PAG Renewables boss Buford had formerly served as executive officer of First Solar in Japan before joining the fund manager.

Solving Supply Woes

Asia Pacific will require more than $2 trillion worth of investment in renewable power generation and energy storage over the next decade, according to PAG.

Annual investment in renewables in Japan must increase by more than five times from 2023 to the remainder of the decade to hit government targets to roughly double renewable generation from 2020 levels on a path to net zero by 2050, the firm said.

“Demand from corporate customers in Japan who value protection from energy price volatility and clean energy attributes far outstrips current supply, and will drive the next phase of growth,” said Dimitrios Vavougyios, managing director and chief investment officer of PAG in Japan.

PAG has invested more than $30 billion in Japan, including $1.6 billion for renewables in the current portfolio.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : MingTiandi – https://www.mingtiandi.com/real-estate/finance/hong-kongs-pag-closes-first-ever-renewable-energy-fund/

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