Abu Dhabi sovereign investor Mubadala Investment Company (Mubadala) has announced its investment in PAG’s Asia Pacific renewable energy platform (PAG REN I), focused on supplying solar power to corporations across Japan. This is Mubadala’s first renewable energy investment in Japan.
PAG REN I aims to operate across developed Asia Pacific economies with a strong focus on Japan and will support the country’s solar plan.
Japan is targeting 108GW of solar capacity by 2030 and is home to the second-highest number of organisations committed to sourcing 100 per cent clean energy after the US under the RE100 initiative.
It was shared that the platform will capitalise on Japan’s corporate power purchase agreement framework to help businesses purchase electricity directly from renewable energy suppliers on a long-term basis. Further, PAG REN I will reportedly assist the country in achieving its energy security ambitions by shifting its energy supply chain away from imported energy sources and towards domestic energy sources.
Hammad Rahman, Head of Asia Pacific – Traditional Infrastructure, Mubadala, said: “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.”
J-P Toppino, Co-Founder and President, PAG, commented: “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.”