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.
