First Solar Completes Sale of Japan Project Development Platform to PAG Real Assets

PVTIME –  First Solar, Inc. (Nasdaq: FSLR) has completed the previously announced sale of a 293-megawatt (MW)DC utility-scale solar project development platform in Japan, to funds managed by PAG Real Assets (“PAG”).

As part of the sale, the majority of First Solar project development employees in Japan have joined PAG. PAG is a leading Asia Pacific-focused private investment manager with more than $50 billion in assets under management.

First Solar had also previously announced that it had entered into a definitive agreement pursuant to which PAG will acquire from First Solar its solar operations and maintenance (O&M) platform with approximately 665 MWDC under management, in Japan. This transaction is expected to close in the second half of 2022, after obtaining regulatory approvals, the receipt of third-party consents and satisfying other customary closing conditions.