Dale Caldwell’s practice focuses primarily on representing clients in project finance and development transactions, as well as advising companies and funds on cross-border M&A, joint venture, and strategic alliance matters. Although Dale has experience across numerous industry sectors, Dale’s focus in recent years has been on renewable energy and data center transactions, in which he represents strategic and financial investors, and their portfolio companies, in developing, financing, purchasing, and selling projects throughout Asia and the United States. He advises clients at every stage of the project lifecycle—from site acquisition and design-build contracting to energy procurement and project financing.
Dale’s work sits at the intersection of construction, infrastructure, and technology, with an emphasis on creating efficient, sustainable, and scalable power and data center solutions. He also counsels clients on strategic partnerships and cross-border joint ventures that support their global growth. Dale currently leads our global renewable energy and data center initiatives.
Dale is recognized by numerous well-known rankings publications for excellence and accomplishment in his areas of expertise. He is consistently ranked as a leading lawyer in project finance and in banking & finance by Chambers Global, Chambers Asia-Pacific, The Legal 500 Asia Pacific, IFLR1000, and The Best Lawyers in Japan.
Data Centers
Representing several major technology companies and equity investors in connection with the construction, financing and power supply for data centers (including module data centers) in Asia and the U.S.
Renewable Energy
Represented numerous private equity funds and strategic investors in the acquisition, licensing, development, construction, financing, operation and sale of over 200 solar and wind power projects in Japan, including:
-negotiation of the full range of project documents, including EPC contracts, equipment supply contracts, O&M agreements, asset management agreements, etc.;
-the limited-recourse project financings for the development and construction of nearly 100 solar projects with an aggregate principal amount of over JPY 1 trillion; and
-the sale of single asset and multiple asset portfolios of renewable energy projects in Japan, including through bid processes, for purchase prices that exceed JPY 500 billion in the aggregate.
-Represented SoftBank, while on secondment, in connection with the development of several large scale solar, wind and solar/wind hybrid energy projects in India, including the construction and development contracts and project financings arrangements for the same, as well as the acquisition of a portfolio of renewable energy assets in the United States.
Climate / Carbon Credits
Representing a leading global technology company in business-to-business power purchase agreements for the supply of renewable energy in Japan, including the development of their standard virtual power purchase agreement / contract for differences, which was a novel structure at the time in the Japanese market. This work was extended to South Korea and other jurisdictions throughout Asia.
Mining
Represented SCM Minera Lumina Copper Chile in connection with the $1.4 billion limited recourse project financing for the development of the Caserones Copper and Molybdenum Mining Project in Chile, consisting of a $1.1 billion senior facility provided by JBIC and a group of commercial banks that received the benefit of a NEXI guaranty, and a $300 million junior facility provided by a group of commercial banks that received a guaranty from JOGMEC.
Gas-Fired Power Plants and Pipelines
Represented Mitsui & Co., Ltd. and Tokyo Gas Co., Ltd. in their $1.2 billion acquisition and limited recourse financing of five gas-fired combined cycle power stations in Mexico (2,233MW) and a related gas pipeline; also represented Mitsu & Co., Ltd. in the formation of a U.S. joint venture company with affiliates of Kinder Morgan Inc. and Mexican state-owned Petroleos Mexicanos (PEMEX) to construct and operate a natural gas pipeline within Arizona to the Mexican border.
Nuclear
Represented Toshiba in its role as EPC contractor for the design and construction of a two unit, 2,800 MW Advanced Boiling Water Reactor nuclear power plant that was planned for the South Texas Project, and in connection with a vendor financing credit facility made available for those units.
LNG
Represented Woodside Petroleum Limited in the $1.5 billion financing for a liquefied natural gas project in Australia. Japan Bank for International Cooperation (JBIC) provided a $1 billion tranche, and a syndicate of commercial lenders, led by The Bank of Tokyo Mitsubishi UFJ, Ltd., provided the remaining $500 million tranche.
Acquisition Financing
Represented SoftBank in the acquisition financing secured for its $21.6 billion acquisition of a 78% interest in U.S. wireless operator Sprint Nextel. At the time, the transaction was the largest outbound investment from Asia and the largest U.S. M&A transaction in Japan’s history.
Recommend for Energy - Power/Electricity and Japan - Energy and Natural Resources
Lexology Index 2025
Ranked in Japan: Projects & Energy
Ranked in Japan: Projects & Energy
Hall of Fame for Japan: Projects & Energy
Recommended for Japan: Banking & Finance
Lawyer of the Year: Project Finance & Development
Project Finance and Development and Banking and Finance
Highly Regarded in Japan: Banking, Project Finance and M&A
Named to the A-List: Japan’s Top 100 Lawyers since 2021