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Mubadala makes first renewable energy investment in Japan

Mubadala makes first renewable energy investment in Japan
20 May 2024 17:04

ABU DHABI (WAM)

Mubadala Investment Company has made a cornerstone investment in PAG's Asia Pacific renewable energy platform (PAG REN I), 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 and 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.

Head of Asia Pacific – Traditional Infrastructure at Mubadala, Hammad Rahman, 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."

He explained that this investment will help reduce carbon emissions and reliance on imported fuels in line with Japan's domestic and international emission reduction targets.

In particular, providing sustainable energy solutions to the corporate and industrial sectors is a key thematic for Mubadala's infrastructure strategy.

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 percent clean energy after the US, under the RE100 initiative.

"We are pleased to partner with Mubadala on this major investment in renewable energy infrastructure," said J-P Toppino, Co-Founder and President of PAG.

"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."

In addition to accelerating Japan's decarbonisation programme, PAG REN I will help achieve the country's energy security ambitions by shifting its energy supply chain away from imported energy sources and towards domestic sources.

The investment highlights Mubadala's growing portfolio of renewable and clean energy companies and technologies across Asia, Europe, and North America.

In 2022, Mubadala invested in Tata Power's renewables platform in India to support the company with its target of contributing 30GW, 6 percent of India's total installed renewable energy capacity by 2030.

In the same year, Mubadala acquired a stake in Skyborn Renewables, the world's largest private offshore wind developer.

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