Mark Davies

M&A and Private Equity

Mark’s M&A and private equity experience includes acting for:

• Japanese Company on its acquisition of a stake in a SAF project in the USA.
• Intermediate Capital Group (ICG) on its acquisition of a stake in Obton Japan, a renewable power platform.
• Japanese Mega-Bank in its acquisition of a stake in a renewable power platform in India.
• Japanese Renewable Power Developer on its acquisition of an onshore wind power project in Japan.
• Japanese Renewable Power Developer on its sale of stake in a solar power projects platform in Korea.
• Japanese Renewable Power Developer on the sale of a stake in an onshore wind project in Japan to a European Renewable Power Developer.
• JERA Co., Inc, a Japanese energy company, on its US$1.6 billion acquisition of a 27% stake in publicly-traded Aboitiz Power Corporation (PSE: AP), one of the largest power producers in the Philippines, including on a strategic alliance for co-investment in clean and renewable energy projects.
• TEPCO Renewable Power on its acquisition of a 25% in PT Kencana Energi, an Indonesian stock exchange listed hydropower project developer.
• JERA Co., Inc, a Japanese energy company, on its acquisition of a 22% equity stake in Summit Power International for US$330m from a consortium of sellers including Summit’s controlling shareholder, IFC, the IFC Emerging Asia Fund, and UAE-based EMA Power Investment. Summit is the largest owner and operator of power generation facilities in Bangladesh, with an aggregate installed capacity of 1.8GW across 22 projects with several GW in development (including several large-scale LNG-to-power projects).
• Keppel Capital on its acquisition of a stake in the GIMI FLNG Project.
• Mitsui & Co., Ltd. and Mitsui O.S.K. Lines Co., Ltd (MOL) on their acquisition of a stake in AKOFS Offshore, a Norwegian subsea vessel owner and operator.
• Mitsui & Co., Ltd in its part acquisition of Engie’s stake in PT Paiton Energy, Asia's first and Indonesia's largest IPP, resulting in Mitsui becoming Paiton’s largest shareholder and majority owner of its operator.
• TEPCO Renewable Power on its acquisition of shares in a hydro-power project company in the Republic of Georgia;
• Japanese company on its investment in a solar power project developer in India.
• Mitsui O.S.K. Lines on its investment into the Jawa-1 LNG-to-power project in Indonesia.
• Mitsui & Co., Ltd. on its investment into BW FSRU II Pte. Ltd., a FSRU vessel owner, including advising on project documents and financing arrangements.
• Bidder on its bid for a stake in the USD 2.5 billion coal fired Atimonan IPP in the Philippines from MGEN. Our work included due diligence and negotiation of JVA and Share Purchase Agreement.
• Mitsui & Co., Ltd. in connection with its investment in Etesco Drilling Services, LLC and charter arrangements for a drillship to be situated off Brazil.
• Sojitz Corporation on its acquisition of an interest from ARES-EIF in the Birdsboro 450 MW gas fired combined-cycle project power project in Pennsylvania, the United States of America.
• Mitsui O.S.K. Lines, Ltd. on its acquisition of a stake in Seajacks UK, a UK company that owns self-propelled jack-up vessels for renewable, oil, gas, and energy industries.
• The Shareholders on an equity divestment to a new shareholder in two FPSO Projects.
• KOGAS on its acquisition of a stake in the Gladstone LNG Project.
• KOGAS on its acquisition of a stake in the LNG Canada Project.
• Mitsui & Co., Ltd. on its acquisition of an interest in Westbourne Capital Ltd., an Australian fund manager.
• JBIC on its acquisition of an interest in Takshasila Hospitals Operating Private Limited, an Indian hospital operating company owned by amongst others Secom, Toyota Tsusho Corporation and VSK Holdings Private Limited.
• Toshiba Corporation on its acquisition of shares in an Indian waste water treatment plant development company, UEM India Private Limited, from an investment fund.
• JBIC on its acquisition of a 26% shareholding in the Delhi Mumbai Industrial Corridor Development Company (DMICDC).
• Harmony Capital on its sale of its portfolio of assets to PAG Asset Portfolio VII Limited.
• CIMB Strategic Assets Sdn. Bhd. on its sale to TRG of certain interests in Capital Advisors Partners Asia Sdn Bhd, CapAsia Islamic Infrastructure Fund (General Partner) Limited and Islamic Infrastructure Fund Limited Partnership.
• CIMB Strategic Assets Sdn. Bhd. on its purchase from Standard Bank of certain interests in Capital Advisors Partners Asia Sdn Bhd, CapAsia Islamic Infrastructure Fund (General Partner) Limited and Islamic Infrastructure Fund Limited Partnership.
• Mitsui & Co., Ltd. as a sponsor and preferred equity financier on the purchase and finance documentation for the acquisition of 10 Independent Power Producer projects in UK, Spain, Turkey and Australia from Edison Mission Energy.
• Partners’ Group on a secondary transaction where Partners’ Group is to acquire the stake of a defaulting cornerstone investor in an Asia focussed real estate fund.
• Laird Technologies Limited in relation to the merger of Laird Technologies Japan K.K. (“Laird Japan”) with Nippon RFI Shielding K.K. (“Nippon RFI”) and the consolidation of the businesses of Laird Japan, Nippon RFI and RFI Shielding (Japan) Limited.
• Japanese trading company on its acquisition of an interest in a mining project in Australia, including due diligence on project documents and finance agreements and advising on share purchase agreement and shareholders agreement.
• Japanese utility company on its acquisition of an interest in a mining project in Australia, including due diligence on project documents and finance agreements and advising on share purchase agreement and shareholders agreement.
• Japanese trading company on its acquisition of an interest in a coal fired power project in Australia, including due diligence on project documents and finance agreements and advising on share purchase agreement and shareholders agreement.

Project Development and Project Finance

Mark’s project development, project finance and acquisition finance experience includes acting for:

• Japanese Company on feedstock supply agreements for a SAF project.
• Japanese Sponsors on the project development and financing of more that 15 FPSO projects around the world.
• Japanese Trading Company on offtake arrangements, project structuring, multi-EPC contracting packages, bankability considerations and risk allocation mechanisms for low-carbon hydrogen (and its derivatives) projects.
• Japanese Sponsor on the structuring and development of a green hydrogen project in Australia.
• Japanese ECA on offtake arrangements, project structuring, multi-EPC contracting packages, bankability considerations and risk allocation mechanisms for low-carbon hydrogen (and its derivatives) projects.
• Thai Developer on the structuring and development of a green hydrogen project in Malaysia.
• Korea Electric Power Corporation (KEPCO) on its successful bid, development and project financing of the Jafurah IPP in Saudi Arabia.
• Korea Electric Power Corporation (KEPCO) and East West Power Corp on their bid, development and project financing of the Guam Ukudu dual fuel fired power project in Guam.
• JBIC and ADB on the project financing of the 2,500 MW gas fired Gulf Energy Development and Mitsui sponsored GSRC Independent Power Project in Thailand.
• JERA and EDF in connection with their bid for the Fujairah 3 IPP project in Fujairah, UAE.
• Mitsubishi UFJ Trust & Banking Corporation on the transfer of 34 project finance loans as part of a corporate reorganization (a multi-billion USD transaction). This work involved advising on the interest rate hedging agreements for 7 of the loans.
• A consortium comprising Japanese sponsors and local partners in connection with the Jawa-1 LNG-to-power project, including the negotiation of long-term LNG fuel supply and long-term LNG FSRU charter party and regasification service arrangements; EPC and O&M arrangements for the power plant and interconnecting pipelines and the PPA with PLN.
• JBIC and the commercial lenders on the financing of the Khanom IV gas-fired power project in Thailand.
• JBIC, Korea EXIM Bank and commercial lenders on the financing of the Donggi-Senoro LNG project in Indonesia. One of the first project financings of a non-integrated LNG project in the world – awarded “Asia Pacific Oil and Gas Deal of the Year 2014” by Infrastructure Journal.
• JBIC on the financing of the Mindanao IPP in the Philippines.
• JBIC on the financing of the Kaeng Khoi II Gas-fired Power Plant Project Thailand.
• Japanese consortium in relation to its proposed development of a supply base project in Myanmar.
• Mitsui & Co., Ltd in relation to the Salalah 2 IPP in Oman.
• Mitsui & Co., Ltd in relation to the Salalah IPP in Oman.
• Investment Funds – Acting for GPs / Managers

Mark’s experience includes acting for:

• Japanese Fund Manager and Singapore Fund Manager on structuring and development of a real estate private debt fund management platform.
• Japanese Mega-Bank on structuring and development of infrastructure fund management platform.
• Keppel Capital on structuring and establishment of the US$1 billion Keppel Asia Infrastructure Fund.
• Mitsui Alternative Investment Company on structuring and establishment of the Westbourne Infrastructure Debt Opportunities Fund.
• Japanese Governmental Bank and Japan Asia Investment Company (JAIC) and on the structuring and establishment of the Japan South-East Asia Growth Fund.
• Investment Funds – Acting for LPs / Investors
• Mark’s experience includes advising many Japanese institutional investors and Developmental Financial Institutions (DFIs) on their investments into more than 150 infrastructure funds, private credit funds, PE funds, growth capital funds, real estate funds, fund-of-funds, debt funds and venture capital funds.

Mark Davies is a partner in our Tokyo office. Mark focuses on  the development and financing of large-scale infrastructure and energy projects in the low-carbon hydrogen, ammonia (and their derivatives), CCS, CCUS, LNG, conventional power,  renewables (onshore and offshore wind power and solar power projects), oil & gas and petrochemicals sectors. He has advised on numerous market-leading projects across Asia and globally. Mark has been advising on major energy and infrastructure projects for more than 20 years. He  represents sponsors and lenders on complex, multi-source financings, involving ECAs, MDBs, commercial banks and debt capital markets funding.

Mark also regularly advises sponsors, Japanese trading houses, corporates and financial institutions on cross-border M&A, joint ventures and strategic investments across the globe. Mark practice also includes advising sponsors on fund formations and institutional investors on their investments into private investment funds.

Mark is qualified as a solicitor in England and Wales and is also a Gaikokuho Jimu Bengoshi (Registered Foreign Lawyer) in Japan and a member of Dai-Ichi Tokyo Bar Association. Mark has more than 25 years’ experience in Japan and is fluent in Japanese.