Abu Dhabi’s Mubadala Investment Company has taken a step towards advancing clean energy initiatives in Japan through a strategic investment in PAG’s Asia Pacific renewable energy platform. The cornerstone investment focuses on delivering solar power to corporations throughout Japan, aligning with the nation’s ambitious plans to install 108GW of solar capacity by 2030.
Leveraging PAG’s extensive experience in the Japanese real estate sector and the expertise of its in-house renewable energy team, PAG REN I aims to operate across developed Asia Pacific economies with a primary focus on Japan. Hammad Rahman, head of Asia Pacific – traditional infrastructure at Mubadala, emphasized the investment’s role in reducing carbon emissions and decreasing reliance on imported fuels, in line with Japan’s emission reduction targets.
The partnership between Mubadala and PAG seeks to facilitate Japan’s transition to clean energy by supporting corporations in adopting renewable energy solutions. Utilizing Japan’s corporate power purchase agreement framework, businesses will have the opportunity to procure electricity directly from renewable energy suppliers on a long-term basis. This initiative aligns with Japan’s commitment to sourcing 100 per cent clean energy, second only to the United States, under the RE100 initiative.
J-P Toppino, co-founder and president of PAG, expressed enthusiasm about the partnership, highlighting Japan’s dedication to increasing solar power generation. PAG REN I’s involvement not only accelerates Japan’s decarbonization efforts but also contributes to the nation’s energy security goals by transitioning towards domestic energy sources.
This investment underscores Mubadala’s expanding portfolio of renewable and clean energy initiatives across Asia, Europe, and North America. In 2022, Mubadala invested in Tata Power’s renewables platform in India to support its target of contributing 30GW to India’s total installed renewable energy capacity by 2030. Additionally, Mubadala acquired a stake in Skyborn Renewables, the world’s largest private offshore wind developer, further solidifying its commitment to sustainable energy solutions.
Through this partnership, Mubadala and PAG are poised to play a pivotal role in advancing Japan’s clean energy transition and supporting its ambitious renewable energy goals.
