Pacifico Energy Raises $265 mn for its Second Solar Fund

Pacifico Energy has successfully completed the launch of its second solar investment fund at USD 265 million

Pacifico Energy has announced that it has successfully completed the launch of its second solar investment fund (Fund II) at USD 265 million or 29 billion Yen.

Fund II will be comprised of five Japanese solar power plants totaling over 216 MWdc. 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 and Goldman Sachs Japan were the co-placement agents to Fund II, which successfully raised 29 billion yen from Japanese institutional investors.

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 GWdc.

Fund II follows the successful launch of the firms’ first solar investment fund (Fund I) in September 2017, which raised 15.5 billion yen from Japanese institutional investors. Fund I was comprised of five Japanese solar power plants totaling over 100 MWdc and is currently outperforming its target returns.

“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.

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

“The 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. We strongly believe that renewable energy is a reliable, safe and sustainable energy source that will be a driving force in reducing greenhouse gas emissions globally. Fund I and Fund II are expected to reduce carbon dioxide emissions by an aggregate 160,000 tons per year,” the company issued in a statement.

PC: Acciona Solar