PAG Real Assets is acquiring solar project development and services platforms in Japan from First Solar.
First Solar said has agreed to sell its 293MW utility-scale solar project development platform, and a solar operations and maintenance platform with approximately 665MW under management.
The latest deal follows PAG’s last year’s acquisition of two projects under development by First Solar in Japan with a total capacity of 50MW.
Following the completion of the latest acquisition, PAG is expected to add First Solar’s project development platform to its existing portfolio of solar farms in Japan, creating one of Japan’s largest renewable operators with over 600MW of capacity.
Jon-Paul Toppino, executive director and president of PAG, said the latest 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”.
“PAG’s commitments to integrity, transparency and sustainability, and its experience managing and operating a wide range of assets, make it the ideal acquirer of our industry-leading platforms in Japan,” Toppino said.
Mark Widmar, chief executive officer, of First Solar, said: “The sale of these platforms marks the completion of First Solar’s strategic shift to focus on developing, scaling, and selling our advanced module technology.”
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