Abu Dhabi’s Mubadala Investment Company has made a cornerstone investment in PAG’s Asia Pacific renewable energy platform (PAG REN I), primarily focused on supplying solar power to corporations across Japan.
PAG REN I will leverage PAG’s multi-decade experience in the Japanese real-estate space and the expertise of its in-house renewable energy team, PAG Renewables. The platform aims to operate across developed Asia Pacific economies with a strong focus on Japan and will support Japan’s ambitious solar plans, with the country targeting to install 108GW of solar capacity by 2030.
Hammad Rahman, head of Asia Pacific – Traditional Infrastructure at Mubadala, expressed excitement about extending Mubadala’s presence in Japan and the wider Asia Pacific region alongside PAG, with this first investment in the country’s rapidly growing clean energy sector. This investment, he said, will help reduce carbon emissions and reliance on imported fuels in line with Japan’s domestic and international emission reduction targets. Providing sustainable energy solutions to the corporate and industrial sectors is a key thematic for Mubadala’s infrastructure strategy.
Enabling corporate shift to clean energy
PAG REN I will play a critical role in supporting large corporations across Japan as they transition to clean energy, capitalizing on Japan’s corporate power purchase agreement framework to help businesses purchase electricity directly from renewable energy suppliers on a long-term basis. Japan is home to the second-highest number of organizations committed to sourcing 100 percent clean energy after the US, under the RE100 initiative.
Supporting Japan’s ambitious solar goals
J-P Toppino, co-founder and president of PAG, stated that the company is pleased to partner with Mubadala on this major investment in renewable energy infrastructure. He noted that Japan has a significant commitment to increasing solar power generation, and PAG is proud to support the country’s ambitious goals, looking forward to participating in Asia’s energy transition.
Advancing Japan’s energy security, decarbonization
In addition to accelerating Japan’s decarbonization program, PAG REN I will help achieve the country’s energy security ambitions by shifting its energy supply chain away from imported energy sources and towards domestic sources.
Mubadala’s growing renewable energy portfolio across Asia
This investment highlights Mubadala’s growing portfolio of renewable and clean energy companies and technologies across Asia, Europe, and North America. In 2022, Mubadala invested in Tata Power’s renewables platform in India and acquired a stake in Skyborn Renewables, the world’s largest private offshore wind developer.
For more news on sustainability, click here.
