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Mubadala backs clean energy in the Asia Pacific region: Abu Dhabi state investor Mubadala Investment Company has made its first investment in Japan’s clean energy sector, committing an undisclosed amount to Asia-Pacific investment firm PAG’s newly set up renewable energy fund PAG REN I, according to a statement. The investment will support Japan in installing 108 GW of solar capacity by 2030, and reducing carbon emissions and reliance on imported fuels in line with emission reduction targets.
About PAG REN I: The USD 550 mn fund targets investments in physical assets in Asia, with a focus on solar power in Japan, according to a statement by PAG yesterday. It includes pensions, sovereign wealth funds and fund-of-funds investors in North America, Europe and the Middle East.
Mubadala’s been making a string of investments abroad: The company recently invested an undisclosed amount in a AUD 6 bn (USD 4.2 bn) urea fertilizer project currently under development by Australian fertilizer company Perdaman. Mubadala said the transaction represents the largest investment ever made in the Australian fertilizer industry. Mubadala Capital — the company’s asset management arm — is also looking to inject USD 13.5 bn into its biofuels project in Brazil over the next 10 years to produce renewable diesel and sustainable aviation fuel.
