PAG has announced that funds managed under its Real Assets group have signed an agreement with First Solar to acquire First Solar’s Japan project development and operation platforms. This acquisition includes 293 MWDC utility-scale solar project development platform, and a solar operations and maintenance (O&M) platform with approximately 665 MWDC under management.
As part of the acquisition, PAG will bring First Solar Japan’s operations and development teams onboard. PAG will add the First Solar projects in development to its Japanese portfolio of solar farms. Reportedly, this will create one of Japan’s most powerful renewable energy platforms, with 600+MW DC of capacity.
In April 2022, First Solar and Leeward Renewable Energy (LRE) signed an agreement under which First Solar will supply 1 GW of advanced, ultra-low carbon and thin-film PV solar modules to Leeward. As per the company’s statement, LRE planned to deploy these modules across its 20 GW solar development and construction pipeline in the US between 2023 and 2024. With this agreement, LRE and First Solar would be able to order more than 3 GW of solar panels. This will result in the installation of 18 new solar power sites from 2022 to 2024.
