- First Solar will sell its Japan solar business to investment manager PAG Real Assets
- PAG will acquire 293 MW DC utility scale project development platform and O&M platform with some 665 MW DC under management in Japan
- It completes First Solar’s strategic divestment plan to focus solely on module manufacturing business
US based solar module manufacturer First Solar, Inc has reached an agreement with Asia Pacific focused investment manager PAG Real Assets to sell its Japan project development and operations and maintenance (O&M) business to.
PAG will acquire First Solar’s 293 MW DC utility scale project development platform and its O&M platform with some 665 MW DC under management in Japan. Transaction for both these businesses are scheduled for completion in Q2/2022 and H2/2022, respectively.
This is not the 1st time both these companies have done business since PAG previously purchased 2 projects from First Solar in Japan with 50 MW DC combined capacity. On completion of the transaction, which includes the majority of First Solar employees joining PAG, the latter will become one of the country’s largest renewable operators with more than 600 MW DC capacity.
For First Solar, this divestment plan had been on the table as the company wants to focus completely on its module manufacturing business.
“The sale of these platforms marks the completion of First Solar’s strategic shift to focus on developing, scaling, and selling our advanced module technology,” confirmed First Solar CEO Mark Widmar.
Back in January 2021, First Solar offloaded its 10 GW AC project development portfolio to Leeward Renewable Energy, following divestment of its North American O&M business to NovaSource and discontinuing internal EPC division as part of the strategic move (see First Solar Selling US Project Development Business).