Photo, Naoaki Eguchi

Naoaki Eguchi

Baker & McKenzie (Gaikokuho Joint Enterprise)


Naoaki Eguchi is a partner of the Banking & Finance Group and a co-head of the Firm's Renewable and Clean Energy Group in Tokyo. He has been recognized for his work on Goldman Sachs' TOB of Universal Studios Japan, which was named the Debt Market Deal of the Year at the 2010 ALB Law Awards and on Fukushima Soma LNG power project finance of 1180 MW with USD 1.2 billon, which was named the Projects, Energy and Infrastructure Deal of the Year at the 2018 ALB Law Award. Naoaki has advised many foreign companies investing in Japan, especially renewable companies these days.

Practice Focus

Mr. Eguchi focuses his practice on project finance, infrastructure PPP, PFI and acquisition finance — including MBO, TOB and LBO. His practice also covers finance with 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 Nomura Securities in its USD230 million mezzanine financing to an acquisition company incorporated by Marubeni Corporation and Tokyo Electric Power Corporation to purchase Mirant Power Plants in the Philippines for USD3.6 billion.
  • Acted for BNP Paribas in its syndicated loan of USD300 million to the Ministry of Finance in Vietnam, insured by NEXI. The loan will be used for building the first oil refinery in Vietnam.
  • Acted for the syndicated lenders in their acquisition financing of USD750 million to Goldman Sachs to acquire Universal Studios Japan through TOB.
  • Advised a lender and drafted financing documents and securities agreements concerning the trade financing of USD50 million to a Kazakhstan uranium company, insured by NEXI.
  • Advised arranger banks for syndicated loans and security packages valued at USD1 billion in project finance for the House of Representatives and House of Councilors office buildings PFI projects, USD250 million in project finance for the Tokyo Haneda International Airport Apron PFI project and acting for a sponsor on Haneda International Airport Cargo terminal PFI, and USD117 million in project finance for the Mine Prison PFI project. Acting for the Finnish government for their embassy PPP project in Tokyo.
  • Acted for lenders, national and local governments, and project sponsors in more than 150 PFI deals.

Professional Associations and Memberships

  • Tokyo Bar Association


  • Japan (1988)


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


  • English
  • Japanese

Previous Offices

  • London
  • 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

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

  • Co-author, “World Legal & Business Guide No.4 Brazil”, Business Law Journal, LexisNexis, July 2011

  • Co-author, “World Legal & Business Guide No.3 The United Kingdom of Great Britain and Northern Ireland”, Business Law Journal, LexisNexis, June 2011

  • Co-author, “Japanese PFI/PPP entering a new stage”, Euromoney, 2008