Linklaters Japan advises on significant renewable energy deal

Linklaters has successfully advised on the project financing of a ¥12.1 billion renewable energy deal in Japan.

Linklaters acted for ING Bank as the Underwriter, Bookrunner, Mandated Lead Arranger, Facility and Security Agent, Account Bank and Swap Bank in relation to Nippon Solar Services’ construction of a utility-scale solar photovoltaic power plant with a generation capacity of 33 megawatts located in the Oita Prefecture in Kyushu.

Erwin Maspolim, ING Bank’s Head of Utilities & Infrastructure Asia said: “The Oita solar PV project will be an excellent addition to ING Bank’s global renewable financing portfolio. We are especially honoured to support Nippon Solar Services in one of the longest tenor solar PV project financings issued by a foreign bank in Japan. We are positive about the growth of solar PV projects in Japan and other Asian countries and we hope to further expand our business in this area.”

The Linklaters team was led by John Maxwell and Hirofumi Taba. John Maxwell, National Managing Partner of Linklaters Japan said the deal is a reflection of our expertise in green energy but more importantly part of a trend we are seeing across Japan in major renewable energy investment.

In May 2015, the Ministry of Economy, Trade and Industry (METI) in Japan published a report proposing the target energy mix for Japan by 2030. In a climate of increasing domestic and international pressure to reduce support for coal-fired power, the METI report proposes a target of 22-24% renewable energy sources by 2030, a significant increase in the proportion of energy currently provided by renewable energy sources, and this is expected to require the commission of additional renewable power plants.

“Following the METI report and the recent Paris climate talks, I feel confident in saying the demand for sustainable energy will only grow in scope and magnitude throughout Japan,” Hirofumi Taba added.

Linklaters’ expertise in energy covers the full spectrum of renewables projects including onshore and offshore wind, solar, biomass, biofuels, wave/tidal, geothermal, hydropower, waste and waste to energy.

“We look forward to continuing to support clients in the sector to achieve increasingly ambitious projects in the renewable energy sector,” Mr Maxwell said.

For further information please contact Nicholas Davy on +852 9700 2617.