Mubadala Makes First Renewable Energy Investment In Japan

Source: www.gulfoilandgas.com 5/20/2024, Location: Asia

Mubadala Investment Company (Mubadala), the Abu Dhabi sovereign investor, 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 as well as 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.

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. In particular, the provision of sustainable energy solutions to the corporate and industrial sectors is a key thematic for our infrastructure strategy, and we are pleased to execute on this theme in a major global economy such as Japan.”

PAG REN I will play a critical role in supporting large corporations across Japan as they transition to clean energy, capitalizing 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 organizations committed to sourcing 100 per cent 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,” said Mr. Toppino.

In addition to accelerating Japan’s decarbonization program, PAG REN I will help achieve the country’s energy security ambitions by shifting the country’s energy supply chain away from imported energy sources and towards domestic sources of energy.

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 per cent, 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.


Australia >>  6/13/2024 - Vast (Vast Renewables Limited), a renewable energy company planning to power green fuels production with its concentrated solar thermal power (CSP) en...
Belgium >>  6/13/2024 - Eurelectric presents a first-of-a-kind guidebook for sustainable deployment of grid and renewable projects. The guide, developed by WSP, elaborates 12...

Bermuda >>  6/13/2024 - AXIS Capital Holdings Limited published a new report, Navigating Risk in the Energy Transition. Based on independent research, the report explores vie...
India >>  6/13/2024 - One year ago, we decided to relaunch a newsletter dedicated to the work done by the International Energy Agency to advance clean energy transitions ac...

Norway >>  6/13/2024 - Eltel’s Communication business in Norway has signed a three-year continuation of a current agreement with Telenor. The agreement covers field services...
Singapore >>  6/13/2024 - Neste has supplied sustainable aviation fuel (SAF) to Emirates for flights departing from Singapore Changi Airport. With this, Emirates becomes the fi...




Gulf Oil and Gas
Copyright © 2023 ICT All rights reserved. - Terms of Service - Privacy Policy.