Naoaki “Nick” Eguchi

Senior Counsel

Banking & Finance、Renewable and Clean Energy

Professional Summary

Naoaki “Nick” Eguchi is a senior counsel in the Finance & Projects Group and head of the Firm’s Renewable and Clean Energy Group in Tokyo. Nick has advised on offshore wind power projects in Japan totaling over 1.5 GW and was most recently recognized for his work on the 220 MW Hibikinada Offshore Wind project, which was named 2024 Project Finance Dear of the Year by Asia Legal Business (Thomson Reuters) Japan Law. Nick is also known for his work on Goldman Sachs’ TOB for Universal Studios Japan, which was named Debt Market Deal of the Year at the 2010 ALB Law Awards, and on the financing of the USD 1.2 billon, 1180 MW Fukushima Soma LNG power project, which was named Projects, Energy and Infrastructure Deal of the Year at the 2018 ALB Law Awards.

Nick has been ranked a Band 1 Lawyer in Chambers Asia Pacific for Projects & Energy from 2019 to 2026. He has advised many foreign companies investing in Japan, recently including a number of renewable energy and battery energy storage system (BESS) companies.

Practice Focus

Nick focuses his practice on project finance, renewable energy (solar, wind, biomass, geothermal and hydroelectric), BESS, infrastructure PPP, PFI, international procurement and acquisition finance, including MBOs, TOBs and LBOs. He also works on finance involving export credit agencies such as JBIC and NEXI, real estate finance, limited recourse loans, distressed loan transactions, structured finance and securitization. He has significant experience representing Japanese and foreign financial institutions and sponsors.

Representative Clients, Cases or Matters

Represented the sponsors of 30 MW / 90 MWh and 30 MW / 125 MWh utility scale battery projects.
Represented the sponsors of a 49 MW / 147 MWh utility scale battery project and assisted with a submission for a METI Long-term Decarbonization Generation Auction in 2024.
Represented the sponsors of utility scale battery projects totaling more than 500 MW in Rounds 1, 2 and 3 of the METI Long-term Decarbonization Generation Auctions.
Represented a project company sponsored by Kyuden Mirai, J-Power and others in connection with negotiation of a turbine supply agreement (TSA), the service availability agreement (SAA) with MHI Vestas Japan and the EPCI agreement with Nippon Steel and Penta Ocean for the 220 MW Hibiki Port offshore wind project.
Represented the sponsors of 160 MW and 100 MW port offshore wind projects in Japan and bidders in the 730 MW Round 1 General Sea Offshore Wind Auction
Advised the sponsors of projects in two sea areas on TSA and SAA negotiation for the Round 2 General Sea Offshore Wind Auction .
Represented Toda Corporation and other sponsors of a 16.8 MW floating offshore wind project near Goto Island in Japan’s Nagasaki Prefecture.
Represented lenders and developers in connection with project finance for onshore wind power projects under the RPS scheme in various parts of Japan, including Horonobe and Sarakitomanai in Hokkaido prefecture, Hibikinada in Kita-kyushu, Rokkasho, Aomori and Misaki in Ehime prefecture, Hachiryu in Akita prefecture and Wajima in Ishikawa prefecture.
Represented lenders and developers in connection with more than nine wind power projects totaling more than 300 MW under the feed-in tariff scheme.
Represented purchasers in connection with share transfer agreements for several wind power projects.
Represented a lender in connection with the financial restructuring of a wind power project.
Represented lenders and developers on more than 250 solar power projects totaling more than 3,000 MW in Japan, including Marubeni Oita (82 MW), Softbank / Mitsui Tomato (111 MW), Yonago (43 MW), Renova Futtsu (40 MW) and Sumitomo Corporation Ehime Saijo (23 MW).
Represented lenders in connection with the acquisition of a 260 MW solar power facility.
Represented a Thai corporation in connection with due diligence and the negotiation of a share purchase agreement for its sale of a portfolio of four solar power projects in Japan totaling 57 MW.
Represented Etrion Corporation in connection with due diligence and the negotiation of a share purchase agreement for its sale of a portfolio of five solar power projects in Japan totaling around 101.7 MW for proceeds grossing JPY 16.1 billion / USD 146.1 million (according to their disclosure documents).
Represented a Japanese company in connection with due diligence and the negotiation of a share purchase agreement for its sale of a portfolio of three renewable power projects in Japan totaling around 45 MW.
Represented Marubeni in connection with due diligence and the negotiation of a share purchase agreement for its sale of the 82 MW Oita solar power project.
Represented Sumitomo Trust and Banking as a lender in connection with the acquisition of the Akashiba Water Power Plant, a hydroelectric power station owned by Covalent Materials Corporation, by conducting due diligence and drafting a variety of agreements, including the purchase agreement and the loan and collateral agreements.
Represented Tokyo Star Bank in relation to due diligence for JEN Holdings’ acquisition of a hydroelectric power plant.

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Publications, Presentations and Articles

Co-author, “Offshore Wind Finance Guide book vol. 1 & 2,” JWPA, June 2021/2022
Author, “Project Finance (Japan chapter),” Getting the Deal Through, 2022
Co-author, “Solar power projects – how to start them and related forms,” Sogo Unicom, March 2013
Co-author, “The business of wind farms: what you need to know when entering the Japanese market,” Journal of Wind Energy, JWEA Vol. 36 No. 2 (serial no. 102), Japan Wind Energy Associations, August 2012
Author, “Solar power PPP in affected areas,” Ginko Homu 21 (Bank Legal 21), July 2012
Co-author, “World Legal & Business Guide No. 3 England, No. 4 Brazil and No. 7 Mexico,” Business Law Journal, LexisNexis, June, July and October 2011

Admissions

Japan (1988)

Professional Association and Memberships

Tokyo Bar Association – Member (1988)
Japan Wind Power Association (JWPA) – Member (2006 – present)
JWPA Offshore Wind Finance Task Force – Leader (2020 – present)
Airport Operation Reform Committee of the Ministry of Land, Infrastructure, Transport and Tourism – Member (2010)
PFI Promotion Committee of the Cabinet Office of the Government of Japan – Expert member (2010 – 2020)
Japan Biomass Power Association – Member (2016 – 2025)
Renewable Energy Association for Sustainable Power Supply (REASP) – Member (2022 – present)
Japan Hydrogen Association – Member (2022 – 2026)

Professional Honors

ALB Japan Law Awards Project Finance Deal of the Year 2024 (Hibikinada Offshore Wind 220 MW)
ALB Japan Law Awards Deal of the Year 2018 (Fukushima Soma LNG Gas Power 1180 MW)
ALB Japan Law Awards Debt Market Deal of the Year 2010 (Universal Studios MBO Finance)
Project Finance International Asia Pacific Municipal Finance Deal of the Year 2002 (Fukuoka Clean Energy Waste)
Project Finance International Asia Real Estate Deal of the Year 2000 (Universal Studios Japan Osaka)