Mubadala makes first renewable energy investment in Japan

Mubadala Investment Company, the Abu Dhabi sovereign investor, has made a cornerstone investment in PAG’s Asia Pacific renewable energy platform, 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 as well as 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, said: “Mubadala is excited to extend our presence in Japan and the wider Asia Pacific Region alongside PAG, with our first investment in the country’s rapidly growing clean energy sector. This investment will help reduce carbon emissions and the reliance on imported fuels in line with Japan’s domestic and international emission reduction targets. In particular, the provision of sustainable energy solutions to the corporate and industrial sectors is a key thematic for our infrastructure strategy, and we are pleased to execute on 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, capitalising 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 organisations committed to sourcing 100 per cent clean energy after the US, under the RE100 initiative.