Pacifico Energy KK (Minato-ku, Tokyo) announced Nov 28, 2019, that it has structured its second fund for solar power generation (PV) projects (Fund II).
The fund is scheduled to be composed of five solar power plants with a total output of 216MW. As the first closing, Pacifico Energy obtained one solar power plant in Shioya-machi, Tochigi Prefecture, Japan. It plans to acquire the other four plants in 2020.
Nomura Securities Co Ltd and Goldman Sachs Japan Co Ltd dealt with the private offering of the fund and obtained a commitment of ¥29 billion (approx US$266) from institutional investors in Japan. Baker & McKenzie (Gaikokuho Joint Enterprise) became the legal adviser for the fund. Pacifico Energy provides asset management services for all the power plants included in the fund. The period of fund management is 21 years from the date of the structuring of the fund.
The first plant is "Kinugawa Shinrin Solar Power Generation Office," which has an output of about 35.1MW and started to sell electricity in May 2018. The solar panel and PV inverter employed for the plant are products of Yingli Green Energy Holding Co Ltd and Toshiba Mitsubishi-Electric Industrial Systems Corp (TMEIC), respectively.
Pacifico Energy structured its first fund targeted at solar projects (Fund I) in September 2019. It consists of five solar power plants with a total output higher than 100MW. It raised an investment of ¥15.5 billion. As of now, it has realized a performance higher than the initial target yield. When combined, the Fund I and Fund II are expected to realize an effect of eliminating 160,000t of CO2 per year.
Pacifico Energy will continue to form renewable energy-related funds consisting of its own projects and projects acquired from other companies. The total output and total investment of its funds including existing funds are expected to be higher than 1GW and ¥150 billion in two years.