Japanese solar power projects developer Pacifico Energy has launched its second solar investment fund, which raised JPY29bn ($264m) from Japanese institutional investors.

Known as Fund II, the investment fund will cover five Japanese solar power plants with a combined generating capacity totalling more than 216MWdc.

After acquiring its first 35MW solar plant in Tochigi Prefecture, the fund plans to purchase the remaining four solar plants next year.

Pacifico Energy 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.”

Pacifico Energy has also agreed to offer asset management services for these solar plants.

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Nomura Securities and Goldman Sachs Japan served as the co-placement agents for Fund II while Baker McKenzie acted as legal counsel.

In 2017, the company launched its first solar investment fund (Fund I), which raised JPY15.5bn.

Fund I also covered five Japanese solar power plants that had a combined capacity of more than 100MWdc.

Going forward, the company also intends to launch new renewable energy funds for developing its own solar projects and external solar assets.

Both funds are expected to reduce carbon dioxide emissions by an annual aggregate of 160,000t.

In April, Pacifico initiated construction works for a solar power generation plant.