First Solar announced it has reached an agreement with PAG Real Assets (PAG). The latter acquires a platform for the development of solar projects in Japan.
Development of solar projects for PAG
First Solar announced the sale of its solar project development platform to PAG Real Assets in Japan. The company will secure 293 MW of utility-scale solar projects.
In addition, the U.S. company announced that it has reached a definitive agreement with PAG. It will acquire a solar operation and maintenance (O&M) platform that will control approximately 665 MWDC of Japan. This transaction is expected to close in the second half of 2022 after obtaining all regulatory approvals, third party consents and the satisfaction of other conditions.
As part of the platform sale, a large majority of First Solar’s employees joined PAG. It is one of the leading private equity managers in the Asia-Pacific region. PAG has over $50 billion in assets under management.
Two flagship companies for sustainable development
The American company First Solar is specialized in solar technology. In addition, it is one of the leading suppliers of eco-efficient solar modules worldwide. It drives the next generation of solar technologies by combining performance, competitiveness and low carbon emissions. In addition, its approach to technology is based on sustainability and responsibility for people and the planet.
As for PAG, the investment company focuses on three main strategies. Real assets, credit and markets and private equity. PAG has invested more than $32 billion in over 7,000 properties in the Asia-Pacific region. In addition, it has more than 293 investment professionals and 12 offices around the world.
