Mubadala and PAG launch PAG REN I to boost Japan’s solar energy ambitions

PAG, leveraging its extensive experience in the Japanese real estate market and the expertise of its renewable energy team, PAG Renewables, announced the launch of PAG REN I. This new platform is intended to operate in developed Asia-Pacific economies, with a particular focus on Japan. It will support Japan’s ambitious solar energy goals, which include installing 108 GW of photovoltaic capacity by 2030.

Hammad Rahman, director of the Asia-Pacific region – traditional infrastructure at Mubadala, expressed his enthusiasm for this venture. “Mubadala is excited to expand our presence in Japan and the broader Asia-Pacific region with PAG, marking our first investment in Japan’s rapidly growing clean energy sector. This investment will help reduce greenhouse gas emissions and dependence on imported fuels, aligning with Japan’s domestic and international emission reduction targets. Providing sustainable energy solutions for the corporate and industrial sectors is a key element of our infrastructure strategy, and we are pleased to be able to deliver this in a large global economy like Japan.”

PAG REN I will play a key role in supporting large corporations in Japan in their clean energy transition. It will take advantage of Japan’s Corporate Power Purchase Agreement (PPA), facilitating long-term purchases of electricity directly from renewable energy suppliers. Japan ranks second after the US in terms of the number of organizations committed to sourcing 100% clean energy under the RE100 initiative.

“We are pleased to partner with Mubadala on this significant investment in renewable energy infrastructure,” said JP Toppino, co-founder and president of PAG. “Japan is strongly committed to increasing solar energy generation and we are proud to support the country’s ambitious goals. We look forward to contributing to Asia’s energy transition.”

In addition to accelerating Japan’s decarbonization efforts, PAG REN I will help achieve the country’s energy security goals by reducing dependence on imported energy sources in favor of domestic energy production.

This investment highlights Mubadala’s growing portfolio of renewable and clean energy ventures in Asia, Europe and North America. In 2022, Mubadala invested in Tata Power’s renewable energy platform in India, supporting the company’s goal of contributing 30 GW, or 6% of India’s total installed renewable energy capacity, by 2030. Additionally, Mubadala has acquired a stake in Skyborn Renewables, the world’s largest privately held offshore wind developer, further strengthening its commitment to global clean energy initiatives.

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