Japanese RE Firm Raises JPY 29 Billion For 216 MW PV

Pacifico Energy Achieves Closure For Its Second Solar Investment Fund II Raising JPY 29 Billion To Acquire 216 MW Operational Capacity In Japan
06:47 AM (Beijing Time) - 03. December 2019
Kinugawa+Forest+Solar+Power+Plant-PNG

In September 2017, Pacifico Energy raised JPY 15.5 billion under solar investment fund I for 100 MW capacity, and has now raised JPY 29 billion for over 216 MW capacity from Japanese institutional investors. (Photo Credit: Pacifico Energy K.K.)

Key Takeaways

  • Japan’s Pacifico Energy has successfully closed its second solar investment fund with JPY 29 billion
  • It will use the proceeds to acquire five operational solar projects in Japan representing over 216 MW
  • First project acquisition under fund II has been achieved with 35 MW Kinugawa Forest Solar Plant operational since May 2018
  • The company will also provide O&M services to all the projects acquired through fund II

Japanese utility scale renewable energy project development company Pacifico Energy raised JPY 29 billion ($26.48 million) for its solar investment fund II to be used to acquire five operational solar power plants representing more than 216 MW capacity in Japan.

For its fund II, it completed the acquisition of the first asset with 35 MW Kinugawa Forest Solar Power Plant in Tochigi Prefecture, Japan, which is operational since May 2018. The other four projects will be acquired in 2020, it said, but without identifying them. It will also be providing operation and maintenance (O&M) services for the projects acquired.

The fund was raised from Japanese institutional investors with Nomura Securities and Goldman Sachs Japan acting as co-placement agents.

Pacifico Energy raised JPY 15.5 billion ($14 million) for its first fund in September 2017, also from institutional investors in Japan. The fund was targeted to cover over 100 MW. The management said this fund is currently ‘outperforming its target returns’.

The developer plans to launch more such funds to develop its own solar projects pipeline as well as external PV assets. “The projects are in place to grow the funds to over 1 GW (DC) of projects with a JPY 150 billion ($1.37 billion) cumulative investments over the next two years,” shared the management.

Earlier this year, Pacifico Energy commenced construction on 102 MW Ako Solar Power Plant in Hyogo Prefecture of Japan (see 102 MW Solar Project Enters Construction In Japan).

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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Anu Bhambhani