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    Hokkaido Electric Power Co., Inc. - Joint development of and project financing for solar power plants for offsite corporate PPAs

Leading Japanese law firm Nishimura & Asahi advised Hokkaido Electric Power Co., Inc. (“Hokkaido Electric”) [TSE: 9509] and HARE Bare LLC, a consortium of Hokkaido Electric and Ark Co., Ltd., on the (a) establishment of HARE Bare, (b) development of and project financing for solar power plants for offsite corporate power purchase agreements (PPAs), and (c) execution of offsite corporate PPAs between Hokkaido Coca-Cola Bottling Co., Ltd. [TSE: 2573], Aeon Hokkaido Corporation [TSE: 7512] and Sapporo Toyota Co. Ltd.

This project involves the construction of 10 solar power plants (around 16MW in total) in Hokkaido by the end of FY2024 and additional solar power plants thereafter.
Financial advice was provided by Mitsubishi UFJ Morgan Stanley Securities Co., Ltd., and project financing by MUFG Bank, Ltd.
The Nishimura & Asahi team advising Hokkaido Electric and HARE Bare was led by partners Sadayuki Matsudaira, Amane Kawamoto, Nobuaki Mori and Miki Tsubono (LPC partner), supported by Hiroki Fukuo, Tomohei Minatogawa, Atsuya Katsumata, Harumi Sasaki and Kaede Kawamoto.


松平 定之

Sadayuki has a wealth of experience in supporting international clients in projects, transactions, and businesses in the energy sector. Sadayuki advises his clients on the best solutions for achieving their business goals based on his deep understanding of the relevant laws and regulations and practices in the full energy supply chain. He also has expertise in carbon-neutral projects and businesses, such as renewable power projects and hydrogen projects, as well as pioneering businesses involved in recent developments in the electricity market and the regulations thereon. Sadayuki serves as a member of an industrial safety rules committee and a hydrogen safety strategy committee, both of which were established by the Ministry of Economy, Trade and Industry of Japan, and also is a member of an electricity capacity market committee, which is part of the Organization for Cross-regional Coordination of Transmission Operators, Japan (OCCTO).

川本 周

Amane has extensive experience in a number of project finance transactions and acquisitions in connection with renewable energy projects in Japan and other Asian countries. In addition to his broad knowledge of the complex regulations surrounding renewable energy, he also has a deep understanding of IPP business reinforced by his work experience in London at a major Japanese trading company. His clients include domestic and international energy project developers, investors, lenders, construction contractors, and utility companies. He advises, represents, and advocates on behalf of clients in a wide range of transactions in the renewable energy sector, including development of green-field projects, debt and equity financing, selling and acquisition of energy projects, and legal due diligence. He also has a wealth of experience in offshore wind projects from the emergence of offshore wind business in Japan in the mid-2010s, including advising clients in the public tender process under the Offshore Renewable Energy Act.

森 宣昭

Nobuaki MORI

  • Partner
  • Tokyo

Nobuaki mainly handles financial transactions, with a particular focus on project finance transactions. He has a wealth of experience advising clients on PFI/PPP projects (including airport concession projects) and renewable energy projects (including offshore wind farm projects). He also has a broad understanding of Japanese renewable-energy related legislation. In the renewable energy field, he advises clients on financing and acquiring renewable energy power plants, financing plural power projects (portfolio schemes), and on developing projects using trust schemes (including financing through project bonds). In addition, he was previously seconded to a financial institution and trading company where he worked diligently on client-side transactions. He constantly strives to meet his clients’ needs and expectations by drawing upon the practical expertise and know-how he has acquired through his exposure to a wide array of legal transactions.

坪野 未来

Miki Tsubono is an attorney in the Corporate and Mergers & Acquisitions Practice Group. In the corporate practice area, he provides daily legal consultations, support on individual cases and business decisions, and company internal training, to business and legal departments of companies. He understands the importance of being easy to talk to, being deeply familiar with his clients’ businesses and organizations, and providing prompt responses. He advises companies in relation to drafts and negotiations of commercial contracts, contract and PL disputes, and Japanese company law and corporate governance matters, including business decisions and shareholders meetings. Further, he has experience in supporting Japanese companies in contract negotiations between foreign companies and with researching foreign laws, as well as representing foreign companies in inbound transactions. In the M&A practice area, he provides advice to companies, public-private funds, and PE funds on domestic and cross-border M&A transactions, including business mergers, alliances, going private, acquisitions, investments, divestures, joint ventures, and reorganizations. He has experience handling M&A matters in industries such as manufacturing, construction, financial services, healthcare, and entertainment. Recently, he has begun advising clients on renewable energy investments.