24 June, 2014
Baker & McKenzie recently advised Pacifico Energy K.K. on the JPY 10.98bn non-recourse project financing of its 32 MW solar power generation facility in Kumenan City, Okayama Prefecture, Japan. The loans were provided by The Bank of Tokyo-Mitsubishi UFJ, Ltd. and The Chugoku Bank, Ltd. GE Energy Financial Services has also invested in the project.
“We are privileged to have advised Pacifico Energy on this groundbreaking transaction and help build a platform for the further development of their business in Japan,” Gavin Raftery, the lead Baker & McKenzie partner on the transaction, commented.
“The availability of non-recourse financing for foreign sponsors in Japan will be very welcome and encouraging news for foreign companies active in the Japanese renewables sector,” added Ean Mac Pherson, Co-Leader of Baker & McKenzie’s Renewable and Clean Energy Practice in Tokyo.
The president of Pacifico Energy, Kazuomi Kaneto, noted “This transaction is an important milestone for both Pacifico Energy and the Japanese solar market. We look forward to working with our strategic partners to develop many more mega-solar projects in Japan.”