6 July 2022
First Solar completes sale of Japan project development platform to PAG
Cadmium telluride (CdTe) thin-film photovoltaic (PV) module maker First Solar Inc of Tempe, AZ, USA has completed the sale (announced in May) of a 293MWDC utility-scale solar project development platform in Japan, to funds managed by PAG Real Assets (PAG), a Asia Pacific-focused private investment manager with more than $50bn in assets under management. As part of the sale, the majority of First Solar project development employees in Japan have joined PAG.
Also in May, First Solar announced that it had entered into a definitive agreement for PAG to acquire its solar operations and maintenance (O&M) platform in Japan, which has about 665MWDC under management. The transaction is expected to close in second-half 2022, after obtaining regulatory approvals, the receipt of third-party consents and satisfying other customary closing conditions.