Nomura Supports Japan's First Blue Bond Linked to an Offshore Wind Installation Vessel
Nomura Securities has supported Shimizu Corporation in issuing Japan’s first blue bond with proceeds earmarked for a self-elevating platform (SEP) vessel used in offshore wind construction, marking a new milestone in the country’s sustainable finance market.
The bond was issued under Shimizu Corporation’s Blue Bond Framework established in December 2025, and represents the first domestic example of a blue bond explicitly linked to an SEP vessel. Nomura acted as structuring agent and sole lead manager, providing end-to-end support from framework development to bond issuance.
Blue bonds are a specialised category of green bonds designed to finance projects aligned with the “sustainable blue economy,” a concept that promotes economic activity while preserving marine ecosystems and ocean resources. Offshore wind power generation, which harnesses strong and stable maritime wind conditions with careful consideration for marine environments, qualifies as a core “blue project” under international standards.
Shimizu Corporation has positioned offshore wind as a key pillar of its environmental vision, SHIMZ Beyond Zero 2050, which defines three long-term objectives: a decarbonised society, a circular economy, and coexistence with nature. In pursuit of decarbonisation, the company constructed the SEP vessel BLUE WIND, an asset essential for offshore wind installation. The decision to finance the vessel through a blue bond was approved earlier this year, with bond terms finalised on the 16th.
Since commencing operations in 2023, BLUE WIND has accumulated construction expertise across both domestic and international offshore wind projects. Shimizu aims to establish itself as a leading offshore wind contractor while accelerating its contribution to Japan’s energy transition.
The Blue Bond Framework complies with the International Capital Market Association’s Green Bond Principles 2025, Japan’s Ministry of the Environment Green Bond Guidelines (2024 edition), and the Practitioner’s Guide for Bonds to Finance the Sustainable Blue Economy developed by ICMA and partner institutions. A second-party opinion has been obtained from Rating and Investment Information, Inc. (R&I).
Nomura Securities stated that it will continue to serve as an intermediary between corporates and capital markets, supporting long-term value creation through sustainable finance solutions.
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