In 2015, Takanawa advised the National Power Company of Iceland (Landsvirkjun) on a $68 m. ECA financing for a 90 MW geothermal power plant in Iceland, see more here on that agreement.

That agreement was awarded “Deal of the Year” by The Trade Finance Review, a financial magazine.

Few points raised by The Trade Finance Review on the deal:

"The power plant, based in Theistareykir in Iceland, is scheduled to commence operations in 2017 and 2018. Financial close was in December 2015. This is the first JBIC and NEXI-backed buyer credit to a high income OECD country using Market Benchmark and the first JBIC/NEXI buyer’s credit loan for a renewable project in High Income OECD countries. It is also the first ECA transaction without a guarantee from the Icelandic government for Icelandic credit. Landsvirkjun, the National Power Company of Iceland, is the country’s largest generator and one of the 10 largest producers of renewable energy in Europe. This transaction is the first geothermal project to be constructed by Landsvirkjun (and the largest in Landsvirkjun’s portfolio), allowing the energy company to diversify its asset and generation portfolio.

The deal was met with a positive market reaction with high interest from the bank market, despite being the first ECA transaction in Iceland without a government guarantee."

"The ECA facilities comprise a $34.1 million direct loan from JBIC and $34.1 million 100% political and commercial risk cover from NEXI."

"The project also abided by strict environmental guidelines."