PAG raises $550 million for renewable energy fund
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PAG, an Asia-Pacific investment firm, said it had raised $550 million for its first renewable energy fund. The fund would be used to invest in physical assets in Asia. Solar power in Japan remains its primary target.
PAG said in a statement that investors for the fund include pensions, sovereign wealth funds and fund-of-funds investors in North America, Europe and the Middle East.
Abu Dhabi’s sovereign investor ‘Mubadala’ said it had made a cornerstone investment in PAG’s renewable energy fund. This marks Mubadala’s first investment in Japan’s clean energy sector.
PAG said that in the upcoming decade, over $2 trillion will need to be invested in renewable power generation and energy storage.
“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,” PAG Renewables President and CEO James Buford said in a statement.
Read more: Japan sets sights on ambitious renewable energy targets by 2040
PAG manages more than $55 billion in capital, ranging from private equity to credit. Through annual renewable investments to grow more than five-fold between 2023 and 2030, PAG plans to hit its targets of doubling renewable generation between 2020 and 2030 and achieving net zero emissions by 2050.
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