Investment firm PAG has launched a renewable energy business with a plan to invest more than US$1bn (€975m) in Asia in the coming years.

PAG Renewables has been set up to develop, build, operate, and invest in renewable energy and will also operate and manage PAG’s existing renewables portfolio

Jon-Paul Toppino, president of PAG, said the transition to domestically-produced, clean energy in Asia Pacific would require an investment of trillions over the next decade.

“Investing in that transition is not only the right thing to do but a tremendous opportunity for PAG Renewables,” he said.

James Buford, president and CEO of PAG Renewables, said the renewable platform would leverage off synergies with the firm’s real assets business for growth.

“We are excited to join PAG and announce the launch of PAG Renewables to support the critical expansion of renewable energy in Asia,” Buford added.

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