Asia, Emissions & Environment, Renewables, Solar, Strategic Development

Japan’s Pacifico Energy launches solar investment fund

Pacifico Energy has announced that it has successfully completed the launch of its second solar investment fund (“Fund II”).

Fund II will comprise of five Japanese solar power plants totaling over 216 MW.

Concurrent with the initial closing, Fund II completed the acquisition of its first solar plant, a 35 MW project located in Tochigi Prefecture and will acquire the remaining four solar plants next year.

Nomura Securities Co. and Goldman Sachs Japan Co. were the co-placement agents to Fund II, which successfully raised 29 billion yen ($264m) from Japanese institutional investors. Baker McKenzie acted as legal counsel to Fund II. Pacifico is also providing asset management services to these solar plants by deploying its knowledge and experience gained from successful developing solar projects totaling over 1 GW.

Fund II follows the successful launch of Pacifico’s first solar investment fund (“Fund I”) in September 2017, which raised 15.5 billion yen ($146m) from Japanese institutional investors. Fund I comprised of five Japanese solar power plants totaling over 100 MW and is currently outperforming its target returns.

Pacifico plans to launch additional renewable energy funds in the future incorporating a pipeline of its own developed solar projects and carefully chosen external solar assets.

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The projects are in place to grow the funds to over 1 GW of projects with a 150 billion yen cumulative investment over the next two years. Pacifico also plans to extend its asset management services to those solar plants.

Pacifico believes that value creation and sustainable development are complementary goals and is committed to developing solar power projects that contribute to the improvement of energy self-sufficiency for the future of Japan, in an environmentally friendly way, and assist with the development of local communities.

Pacifico is driving the reduction of greenhouse gasses and Fund I and Fund II are expected to reduce carbon dioxide emissions by an aggregate 160,000 tons per year.

“We are really pleased to launch our second solar fund and with the opportunity to partner again with Japanese institutional investors. Pacifico has been investing in Japanese mega solar projects since its founding in 2012. We truly believe in the asset class and look forward to forming additional investment vehicles to provide investors access to stable returns through an eco-friendly clean energy platform,” Nate Franklin, chairman of Pacifico stated.