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 the Debt Market Deal of the Year at the 2010 ALB Law Awards, and on the financing of the 1180 MW Fukushima Soma LNG power project for USD 1.2 billon, 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 2022.

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 220 MW, 160 MW and 100 MW port offshore wind projects in Japan and bidders for two sites in the Round 1 General Sea Offshore Wind Auction — more than 1 GW in offshore wind projects in Japan.
  • Represented the sponsors of a 16.8 MW floating offshore wind project.
  • Represented lenders and developers in project finance for various onshore wind power projects in Japan, including Horonobe and Sarakitomanai in Hokkaido prefecture; Hibikinada, Kitakyushu; Rokkasho, Aomori and Misaki in Ehime prefecture; Hachiryu in Akita prefecture; and Wajima in Ishikawa prefecture under the RPS scheme and more than nine wind power projects under the feed-in tariff scheme totaling more than 300 MW.
  • Represented the acquirers 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 in 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), Sumitomo Corporation Ehime Saijo (23 MW).
  • Represented lenders in connection with the acquisition of the solar power facility (260 MW).
  • Represented Sumitomo Trust and Banking as the lender in connection with the acquisition of the Akashiba Water Power Plant, a hydroelectric power station owned by Covalent Materials Corporation. We drafted a variety of agreements related to the acquisition, including the purchase agreement and loan and collateral agreements. We also performed due diligence on behalf of the client.
  • Represented Tokyo Star Bank in relation to due diligence for JEN Holdings’ acquisition of a hydroelectric power plant.

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)


  • 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, JWPA, June 2021

  • Co-author, Solar Power Projects – How to start them and related forms, Sogo Unicom, March 2013

  • Author, Project Finance (Japan Chapter), Getting the Deal Through, 2013

  • Co-author, World Legal & Business Guide No. 7 Mexico, Business Law Journal, LexisNexis, October 2011Co-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