Orrick Advises Obton on Acquisition and Refinancing of 30.9 MW Photovoltaic Plant in Japan

October.01.2021

Orrick assisted Obton A/S, a Danish investor in sustainable technologies with a focus on the photovoltaic sector, in its first investment in Japan, consisting of the acquisition of a 30.9 MW photovoltaic plant in operation in Shirakawa, Fukushima Prefecture, and the subsequent refinancing with NORD/LB Singapore Branch and Denmark’s Export Credit Agency (EKF).

The plant benefits from the incentive tariffs provided by local regulations (choutatsu kakaku) and represents the first of the investments that Obton A/S has planned for the next few years, with a view to significantly expanding its presence in Japan.

The Orrick team was led by Carlo Montella, Deputy Business Unit Leader of the Global Energy and Infrastructure practice, assisted by of counsel Celeste Mellone, who managed the transaction in all its aspects and coordinated the activities of the interdisciplinary and multi-jurisdictional team involved, which included members of our teams in Milan, Tokyo and Munich.

The due diligence and regulatory aspects under Japanese law, including those relating to the tokumei kumiai interest, were handled by partner Yuko Inui and of counsel Andrew Hughes of the Tokyo office, assisted by managing associate Gohshun Kawamura. The negotiation of the documents relating to the refinancing with NORD/LB and EKF, incorporated under German law, was handled by partner Timo Holzborn, head of the Capital Markets and Banking & Finance team in the Munich office, assisted by partner Christine Kaniak-Hockel.