Abu Dhabi’s Mubadala Investment Company (Mubadala) has announced a significant investment in PAG’s Asia Pacific renewable energy platform, PAG REN I. This platform aims to provide solar power to corporations throughout Japan, leveraging PAG’s experience in the Japanese real estate sector and the expertise of its renewable energy team, PAG Renewables. PAG REN I will support Japan’s goal of installing 108 GW of solar capacity by 2030. Hammad Rahman, head of Asia Pacific – Traditional Infrastructure at Mubadala, stated, “Mubadala is extending our presence in Japan and the wider Asia Pacific Region with our first investment in the country’s clean energy sector.
This investment will help reduce carbon emissions and reliance on imported fuels, aligning with Japan’s emission reduction targets.” The platform will facilitate long-term electricity purchases from renewable energy suppliers using Japan’s corporate power purchase agreement framework. Japan has the second-highest number of organizations committed to 100 percent clean energy sourcing under the RE100 initiative, following the US. J-P Toppino, co-founder and president of PAG, said, “We are pleased to partner with Mubadala on this investment in renewable energy infrastructure. Japan has a significant commitment to increasing solar power generation, and we support the country’s ambitious goals. We look forward to participating in Asia’s energy transition.”
Mubadala’s investment in PAG REN I aims to accelerate Japan’s decarbonization efforts and enhance energy security by reducing dependence on imported energy and boosting domestic energy sources. This investment is part of Mubadala’s growing portfolio of renewable and clean energy projects across Asia, Europe, and North America. In 2022, Mubadala invested in Tata Power’s renewables platform in India and acquired a stake in Skyborn Renewables, demonstrating its commitment to supporting global renewable energy initiatives.
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