Clifford Chance

Clifford Chance advises Japan Bank for International Cooperation on acquiring US$110 million equity in NuScale to advance clean energy

New York/Tokyo: Leading international law firm Clifford Chance has advised Japan Bank for International Cooperation (JBIC) on acquiring US$110 million of preferred shares in NuScale Power, LLC (NuScale) from Fluor Corporation via Japan NuScale Innovations LLC (JNI), a special purpose company originally established by JGC Holdings Corporation (JGC) and IHI Corporation (IHI) for the purpose of equity investment in NuScale.

JBIC's equity investment in NuScale through JNI is driven by its objective to support JGC and IHI in commercializing NuScale's small modular reactor (SMR) technologies and help improve the international competitiveness of Japanese nuclear power technology. This is in line with the Government of Japan's objective of promoting international cooperation in the research and development of SMR technologies. This transaction also aligns with the US-Japan Climate Partnership, and the Competitiveness and Resilience Partnership, which promote cooperation between the US and Japan in the development of advanced nuclear power technology and renewable energy solutions.

Partners David Brinton and Michael Bonsignore in the US and Michihiro Nishi in Japan led the matter with support from associates Hanah Kim and Shunsuke Nagae.

Brinton said, "We are pleased to have been involved in a nuclear power transaction and contributing to the advance of clean energy technology. This is one of many transactions we have been involved in the energy transition space."

Nishi added, "We leveraged Clifford Chance's multi-jurisdictional and cross-practice capabilities to execute this challenging and exciting transaction. We hope that JBIC's investment will further strengthen US-Japanese cooperation in the advancement and deployment of clean and renewable energy technology."

The wider cross-practice team working on this transaction included partners Joshua Berman and Renee Latour; senior counsel David Evans; counsel Peter Hughes; and associates Curtis Kyuyong Cha, Christine Chen, Soung Young Choe, Machiko Ishii, Carol Lee and Saori Suga.

This work continues an extensive track record for the firm on many cross border energy transactions, including advising Corporación Interamericana para el Financiamiento de Infraestructura, S.A. in connection with a US$86.6 million portfolio financing toward solar projects in Chile, Spain's Grenergy in connection with its acquisition of a 40% stake in US-based Sofos Harbert, and a consortium of AXA IM Alts and Crédit Agricole Assurances on the acquisition of a 50% interest in the Hornsea Two offshore wind farm.