Baker & McKenzie (Gaikokuho Joint Enterprise) and Baker McKenzie Seoul office jointly advised Pattern Energy Group LP (Pattern Energy), one of the world's largest privately-owned developers and operators of wind, solar, transmission, and energy storage projects, and its affiliate in Japan, Green Power Investment Corp (GPI) which is among the earlier pioneers in Japan’s renewable energy sector, together with the project company as sponsors and the borrower, on the project financing of the 112 MW Ishikari Offshore Wind project, located approximately three kilometers from the shore of Ishikari Bay in Hokkaido, Japan.

The financing facility was jointly arranged by MUFG Bank, Ltd, Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank Limited, Shinsei Bank Limited, Mizuho Bank, Ltd, SOCIÉTÉ GÉNÉRALE and the Development Bank of Japan Inc.

The project includes a battery storage component with a 100 MW / 180 MWh capacity, making the integrated offshore wind and battery storage project one of the first globally for the energy industry. At the same time, it will be Japan’s largest combined offshore wind and power storage facility, setting a key milestone in the country’s energy transition. This is also one of the few commercial-scale offshore wind projects that have achieved financing in Japan and the first to be led by international sponsors.

Installation of fourteen 8.0 MW Siemens Gamesa wind turbines built specifically for offshore use has begun and the project is expected to begin commercial operation in December 2023. It will enjoy a feed-in tariff for 20 years with Hokkaido Electric Power Network, Inc as the offtaker.

The project was recognized by Project Finance International (PFI) as the Asia Pacific Offshore Wind Deal of The Year in December 2022 as well as Renewables Deal of the Year (Offshore Wind) by IJGlobal in March 2023.

The Firm's team was led by partners Shinichiro Kitamura and Tsutomu "Tom" Kobayashi of the Tokyo office and Jae-Hyon Ahn of the Seoul office, supported by Tokyo office projects partner Ean MacPherson, counsel Pierre Chiasson, and team members Naoki Ishikawa, Mana Isobe, Yuki Sumiyoshi, Fei Zhou, Michaël Tiralongo and Yoshihiro Bartlett-Imadegawa. 

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