PAG pockets USD 550m for Asia-Pacific renewables fund

Asia-Pacific investment firm PAG has raised USD 550 million (EUR 506.2m) for its maiden renewable energy fund, set up to acquire and operate renewable energy assets across Asia, mostly in Japan.

PAG, which manages more than USD 55 billion of capital, said on Monday that pension funds, sovereign wealth funds, and fund of funds investors in North America, Europe, and the Middle East, are among PAG REN I’s backers.

Separately, Abu Dhabi sovereign fund Mubadala Investment Company said it has made a cornerstone investment in the PAG REN I renewable energy platform as part of its first investment in the Japanese clean energy market. Financial details about the transaction were kept under wraps.

While PAG REN I will target opportunities across the Asia-Pacific, the solar power generation market in Japan will be a major focus. The platform’s portfolio will be managed by PAG Renewables, which has over 600 MW of assets in Japan.

“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," said James Buford, PAG Renewables president and CEO.

(USD 1.0 = EUR 0.920)

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