Baker McKenzie advises Sumitomo Mitsui Trust Bank on its arrangement of a loan for a listed infrastructure fund
Tokyo, Japan, 15 February 2019 – Baker McKenzie advised Sumitomo Mitsui Trust Bank on its arrangement of a loan totalling approximately JPY 11.8 billion (about USD 107.2 million) for Enex Infrastructure Investment Corporation (Code: 9286), a listed infrastructure fund sponsored by ITOCHU ENEX Co., Ltd., Sumitomo Mitsui Trust Bank, Mercuria Investment Co.,Ltd. and Maiora Asset Management PTE.LTD. (collectively, “the Sponsor Group”).
Enex Infrastructure Investment Corporation, which invests primarily in renewable energy projects, was listed on the Tokyo Stock Exchange on 13 February 2019. It is mainly sponsored and operated by ITOCHU ENEX Group, which develops and operates renewable energy projects in Japan.
Coupled with the proceeds from the offering, Enex Infrastructure Investment Corporation used the borrowings to consummate the acquisition of its portfolio of 5 large-scale solar power plants operating in Japan with a total generating capacity of 37.6 megawatts which were owned and developed by the Sponsor Group.
The Firm’s team was led by Naoaki Eguchi, the co-leader of the Firm’s Banking & Finance Practice Group in Tokyo. He was strongly supported by counsel Haruhiko Ogasawara and associates Kosuke Suzuki and Takehiko Nakai.
Naoaki had the following comments on the deal. “Enex Infrastructure Investment Corporation is the sixth infrastructure fund listed on the Infrastructure Fund Market of the Tokyo Stock Exchange. The fund is widely supported by the Sponsor Group, including strong pipeline support. We are greatly honoured to have been able to facilitate an important project that will contribute to the development of the Japanese infrastructure fund market. We are dedicated to continuing to provide our clients with valuable legal advice.”