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Mubadala marks 1st renewable energy investment in Japan

Mubadala marks 1st renewable energy investment in Japan
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UAE – Mubasher: Mubadala Investment Company announced investing in the Asia Pacific renewable energy platform owned by investment firm PAG.

PAG REN I platform focuses on supplying solar power to corporations across Japan, according to a press release.

The platform aims to operate across developed Asia Pacific economies with a strong focus on Japan. It seeks to support the country’s goal to install 108 gigawatts (GW) 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,” Rahman added.

PAG REN will support large Japanese corporations in transitioning to clean energy by leveraging Japan’s corporate power purchase agreement framework.

This will enable businesses to secure long-term electricity from renewable energy suppliers. Japan ranks second, after the US, in the number of organisations committed to sourcing 100% clean energy 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,” Toppino added.

In March 2024, Mubadala Investment entered into a strategic partnership with US-based fund-of-funds venture capital (VC) firm Blue Opal Capital.