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.
Leveraging PAG’s extensive experience in the Japanese real estate sector and the expertise of its in-house renewable energy team, PAG Renewables, PAG REN I will focus on developed East Asian economies, particularly Japan. The platform will support Japan’s ambitious goal 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 region alongside PAG, with this first investment in the country’s rapidly growing clean energy sector.
Rahman stated, “This investment will help reduce carbon emissions and reliance on imported fuels, aligning with Japan’s domestic and international emission reduction targets. Providing sustainable energy solutions to the corporate and industrial sectors is a key thematic for our infrastructure strategy, and we are pleased to execute this theme in a major global economy such as Japan.”
PAG REN I will play a critical role in supporting large corporations across Japan as they transition to clean energy. It will capitalise on Japan’s corporate power purchase agreement framework to facilitate long-term electricity purchases directly from renewable energy suppliers. Japan is home to the second-highest number of organisations committed to sourcing 100 percent clean energy after the US, under the RE100 initiative.
J-P Toppino, co-founder and president of PAG, stated, “We are pleased to partner with Mubadala on this major investment in renewable energy infrastructure. Japan has a significant commitment to increasing solar power generation, and we are proud to support the country’s ambitious goals. We look forward to participating in Asia’s energy transition.”
This investment will not only accelerate Japan’s decarbonisation efforts but also enhance the country’s energy security by reducing dependence on imported energy and boosting domestic energy sources. Mubadala’s investment in PAG REN I underscores its growing portfolio of renewable and clean energy projects across Asia, Europe, and North America.
