First Solar Signs Definitive Agreements to Sell Japan Project Development and O&M Platforms to PAG Real Assets

PVTIME – First Solar, Inc. (Nasdaq: FSLR) today announced that it has entered into definitive agreements with funds managed by PAG Real Assets (“PAG”), pursuant to which PAG will acquire from First Solar its 293 megawatts (MW)DC utility-scale solar project development platform, and a solar operations and maintenance (O&M) platform with approximately 665 MWDC under management, in Japan. The transaction is expected to close in the second quarter of 2022 for the project development platform and the second half of 2022 for the O&M platform, in each case after obtaining regulatory approvals, the receipt of third-party consents and satisfying other customary closing conditions.

PAG is a leading Asia Pacific-focused private investment manager with more than $50 billion in assets under management. Subject to closing of the project development platform acquisition, PAG is expected to add First Solar’s project development platform to its existing portfolio of solar farms in Japan, creating one of Japan’s largest renewable operators with over 600 MWDC of capacity. In 2021, PAG acquired two projects under development by First Solar in Japan with a total capacity of 50 MWDC. Upon each respective closing, the majority of First Solar project development and O&M employees in Japan will join PAG.  

Jon-Paul Toppino, executive director and president of PAG, said, “First Solar has an unmatched reputation in this region and we are pleased to have such an experienced, professional team join the PAG family. This transaction further positions PAG as a leading player in renewable energy in Japan and will serve as a key building block for our future investment in the sector.”

“PAG’s commitments to integrity, transparency and sustainability, and its experience managing and operating a wide range of assets, make it the ideal acquirer of our industry-leading platforms in Japan,” said Mark Widmar, chief executive officer, First Solar. “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.”

First Solar is the only US-headquartered company among the world’s ten largest solar manufacturers. The company is building two new manufacturing facilities in the United States and India, which will double its nameplate manufacturing capacity to 16 gigawatts (GW)DC in 2024.