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K&L Gates Advises Tokyo Gas America on Two Acquisitions

17 August 2020

New York – Global law firm K&L Gates LLP has advised Tokyo Gas America Ltd. on two recent transactions, including the acquisition of the Aktina Solar Project in Wharton County, Texas, and the acquisition of a majority stake in upstream oil and gas company Castleton Resources LLC. Both transactions were led by New York partner Toshi Yoshida, with support from lawyers in the firm’s Austin, Charlotte, Fort Worth, Houston, Newark, Pittsburgh, Portland, San Francisco, Seattle, Tokyo, and Washington, D.C., offices. 

Tokyo Gas’ acquisition of the 500MWac/631MWdc Aktina Solar Project, which was developed by Hecate Energy LLC, closed on August 11, 2020. The transaction will increase the company’s total renewable energy capacity owned or under contract, in Japan and globally, to more than 1,200 MWdc. It will also be the first global solar project that Tokyo Gas Group will take from commencement of construction to commercial operation.

The K&L Gates team that advised on the Aktina Solar Project acquisition was led by New York partner Toshi Yoshida; Seattle partners Eric Freedman and Elisabeth Yandell McNeil; and Houston associate Olivia Mora and also included Houston partners Edmundo de la Fuente and Bart Turner; Seattle partners Elizabeth Crouse and Ankur Tohan; Austin partner Steve Morton; Washington, D.C., partner Steven Hill; Charlotte of counsel Ken Gish; Tokyo counsel Eiji Yamahara; Austin counsel Janessa Glenn; Washington, D.C., counsel Kimberly Frank and Kenneth Knox; Washington, D.C., associate Abe Johns; Pittsburgh associate Sabrina Rearick; San Francisco associate Jonathan Tong; Seattle associates Brad Lewis and Gabrielle Thompson; and Houston associate Ian Furman. 

Ken Kiriishi, Senior Vice President of Tokyo Gas America Ltd. and President of TG Aktina Holdings LLC, commented: “We are very excited about our entrance into the U.S. renewables market and most appreciative of the effective guidance and efficient counsel Toshi and his team at K&L Gates provided throughout the process, skillfully advising us through a host of challenging legal issues to allow us to undertake this new business.”

Tokyo Gas’ acquisition of a majority interest in Castleton Resources closed on August 14, 2020. As a result of the transaction, Tokyo Gas acquired additional oil and gas assets in Louisiana and increased its ownership interest in Castleton Resources from 46% to approximately 70%. Reflecting the company’s new majority interest, Castleton Resources’ name will change to “TG Natural Resources LLC” by March 2021.

The team that advised on the Castleton Resources acquisition was led by New York partner Toshi Yoshida; Fort Worth counsel Jim Strawn; and Houston associate Ian Furman and included Houston partners Robert George, Randel Young, and Edmundo de la Fuente; Austin partner Steve Morton; Washington, D.C., partner Steven Hill; San Francisco partner Rikki Sapolich-Krol; Newark partner George Barbatsuly; Fort Worth partner Jeffrey C. King; Pittsburgh partner Steve Barge; Washington, D.C., counsel Kenneth Knox; Tokyo counsel Eiji Yamahara; Houston associates Li Shen, Olivia Mora, and Hannah Warren; Portland associate Shane Devins; and Newark associate Laura Scully. 

“K&L Gates’ knowledge and insight with respect to oil & gas upstream and joint venture management issues were extremely valuable to us in navigating and successfully closing on these important acquisitions for our company,” said Katsuhiro Ohbi, Chief-Vice President of Tokyo Gas America Ltd. and Chief Strategy Officer & Chief Technology Officer of Castleton Resources LLC. 

K&L Gates is a fully integrated global law firm with lawyers located across five continents. The firm represents leading multinational corporations, growth and middle-market companies, capital markets participants and entrepreneurs in every major industry group as well as public sector entities, educational institutions, philanthropic organizations and individuals.

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