Japanese renewables developer Pacifico Energy has raised ¥29bn (€240m) in its second solar fund which will invest in projects totalling over 216MW.
The fund has completed its first acquisition in a 35MW photovoltaic facility in Tochigi prefecture.
A further four projects are being targeted by the company for acquisition next year.
Nomura Securities and Goldman Sachs Japan were the co-placement agents to the fund, which raised the money from Japanese institutional investors.
Law firm Baker McKenzie acted as legal counsel.
Pacifico launched its first fund in September 2017, which raised ¥15.5bn and invested in five solar farms with total capacity of more than 100MW.
The company said it plans to launch additional renewable energy funds in the future incorporating a pipeline of its own developed solar projects and carefully chosen external PV assets.
The projects are in place to grow the funds to over 1GW with cumulative investment of ¥150bn over the next two years, the company said.
Pacifico also plans to extend its asset management services to those solar plants.
Pacifico chairman Nate Franklin said: “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.”