Naoaki Eguchi

Naoaki Eguchi

Baker & McKenzie (Gaikokuho Joint Enterprise)


Naoaki "Nick" Eguchi is a partner in the Finance & Projects Group and co-head of the Firm's Renewable and Clean Energy Group in Tokyo. He has been recognized 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 the 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 Project & Energy from 2019 to 2024.

He has advised many foreign companies investing in Japan, including many renewable energy companies in recent years.

Practice Focus

Nick focuses his practice on project finance, renewable energy (solar, wind, biomass, geothermal and hydroelectric) 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 Legal 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 the Hibiki Port offshore wind project (220 MW), and of other 160 MW and 100 MW port offshore wind projects in Japan in addition to bidders for a 730 MW Round 1 General Sea Offshore Wind Auction — a total of more than 1 GW in offshore wind projects in Japan.
  • Represented the sponsors of a 16.8 MW floating offshore wind project near Goto Island in Japan’s Nagasaki Prefecture.
  • Represented lenders and developers in 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. Also represented lenders and developers on more than nine wind power projects under the feed-in tariff scheme totaling more than 300 MW.
  • Represented purchasers in share transfer agreements for several wind power projects.
  • Represented a lender in 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 solar power facility (260 MW).
  • Represented sellers in the following solar power auctions (seller DD and SPA)
    • a Thai corporation in their sale of a portfolio of four solar power projects in Japan totaling 57 MW
    • Etrion Corporation in their sale of a portfolio of five solar power projects (totaling around 101.7 MW) in Japan for proceeds grossing JPY 16.1 billion/USD 146.1 million (according to their disclosure documents)
    • a Japanese company in its sale of a portfolio of three renewable power projects (totaling around 45 MW) in Japan

Professional Honors

  • ALB Japan Law Awards Deal of the Year 2018
  • ALB Japan Law Awards Debt Market Deal of the Year 2010
  • Project Finance International Asia Pacific Municipal Finance Deal of the Year 2002 (Fukuoka Waste)
  • Project Finance International Asia Real Estate Deal of the Year 2000 (Universal Studios Japan, Osaka)

Professional Associations 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-present)
  • Renewable Energy Association for Sustainable Power Supply (REASP) – Member (2022-present)
  • Japan Hydrogen Association – Member (2022-present)


  • Japan (1988)


  • London University (LL.M. International Business Law) (1992)
  • Hitotsubashi University (LL.B.) (1986)


  • English
  • Japanese

Previous Offices

  • London
  • 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. 7 Mexico," Business Law Journal, LexisNexis, October 2011