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Asset Management / Wealth Management
Mubadala makes first clean energy investment in Japan
Abu Dhabi wealth fund joins rising trend of GCC investors pursuing Asian assets
Tom King 21 May 2024

Mubadala Investment Company, Abu Dhabi’s sovereign wealth fund, has made a cornerstone investment in Hong Kong-based PAG's Asia-Pacific renewable energy platform (PAG REN I).

According to PAG, the US$500 million fund will invest in physical renewable energy assets in Asia, with solar power generation in Japan as one of its core targets.

Mubadala’s latest investment reinforces the growing trend of Gulf Cooperation Council-based investors pursuing quality Asian assets.

The investment will help reduce carbon emissions and the reliance on imported fuels in line with Japan’s domestic and international emission reduction targets, Mubadala says. In particular, the provision of sustainable energy solutions to the corporate and industrial sectors is a key theme for Mubadala’s infrastructure strategy.

Hammad Rahman, head of Asia-Pacific traditional infrastructure at Mubadala, says: “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.”

The investment strengthens the wealth fund’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 in achieving its target of contributing 30 gigawatts, or 6%, of India’s total installed renewable energy capacity by 2030. Also in 2022, Mubadala acquired a stake in Germany-based Skyborn Renewables, one of the world’s largest private offshore wind developers.

“We are pleased to partner with Mubadala on this major investment in renewable energy infrastructure,” says PAG co-founder and president Jon-Paul Toppino. “Japan has a significant commitment to increasing solar power generation, and we are proud to support the country’s ambitious goals.”

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