Baker McKenzie advises Bank of Fukuoka on the origination of project financing for a solar power generation project using a Corporate PPA

Baker & McKenzie (Gaikokuho Joint Enterprise) (“Baker McKenzie”) recently advised The Bank of Fukuoka, Ltd. (“Bank of Fukuoka”) in connection with its JPY 5.3 billion green loan for the Maibara Solar Power Project (31.65MW) under construction in Maibara, Shiga Prefecture, Japan.

The power plant will be developed by Vena Energy, which will supply electricity produced from renewable energy sources to Mitsubishi Corporation Clean Energy through a corporate PPA (Power Purchase Agreement). The project is expected to generate electricity while reducing greenhouse gas emissions and water use when compared to the use of thermal power plants, and is expected to contribute to the Japanese government’s goal of achieving carbon neutrality by 2050.

Baker McKenzie has contributed to the development of the renewable energy industry in Japan in part by leveraging its membership in a world-leading global network of 74 offices in 45 jurisdictions around the world. In structuring the financing for this project, Baker McKenzie drew on both its extensive experience in the Japanese renewable energy industry and the unparalleled knowledge available via this global network.

From the Tokyo office, partner Kosuke Suzuki led the transaction, supported by counsel Takehito Sekiguchi, associates Shun Fukazawa and Kazuki Hisada, with the assistance of London office partner Luke Lightfoot and associate Teresa Ryan.