Green Bond

The Shimizu Group is implementing corporate activities aimed at reducing the burden we impose on the environment to achieve the goal we set in SHIMZ VISION 2030 (long-term vision) of realizing a sustainable society. These activities are “Use of sustainable energy,” “Promote energy-saving, energy creation and ZEB (zero energy) buildings,” “CO2 emissions reduction in all business activities,” and “Conservation of the natural environment and biodiversity.”
As part of these initiatives, we are developing a building that conserves energy and is environmentally friendly, and have issued green bonds which can only be issued for green projects that contribute to solving environmental issues to secure the construction funds for the project. By issuing and using the proceeds from these green bonds, we are demonstrating our stance on working to realize a sustainable society to a wide range of stakeholders. This also advances ESG management of the Shimizu Group further.

Overview of Green Bonds

Name: SHIMIZU CORPORATION Unsecured Straight Bonds No. 26 (SHIMIZU CORPORATION Green Bond) (with an inter-bond pari passu clause)
Terms set date: December 6, 2019
Issue date: December 12, 2019
Issue amount: 10 billion yen
Term to maturity: 5 years
Interest rate: 0.110%
Proceeds used for: All proceeds from financing will be used for refinancing the construction loan for YOKOHAMA GRANGATE, a rental office building under construction in Minato Mirai, Nishi-ku, Yokohama City.
Lead manager: Nomura Securities Co., Ltd.
Rating: A+, Rating and Investment Information, Inc. (R&I)

Third-party Evaluation of Appropriateness

Shimizu has obtained a third-party evaluation of this bond issue from Rating and Investment Information, Inc. (R&I). This third-party evaluation conforms to Green Bond Principles 2018 established by the International Capital Market Association (ICMA) and Green Bond Guidelines, 2017 established by the Japanese Ministry of the Environment. R&I awarded a GA1 rating to this bond issue, the highest rating awarded in the R&I Green Bond Assessment.

The R&I Green Bond Assessment indicates R&I’s opinion regarding the extent to which the proceeds from the issuance of green bonds are used to invest in projects with environmental benefits. The GA1 rating indicates the extent as extremely high.
If there is supposed to be a link here, it can be preceded with “For further details, seeR&I Green Bond Assessment (Green Bonds / Sustainability Bonds)

Investment Statement on These Green Bonds

We will introduce these green bonds to the following investors who have declared their intent to invest in these green bonds.

List of investors who have announced investment (Japanese alphabetic order)

  • Asset Management One Co., Ltd.
  • The Kita Osaka Shinkin Bank
  • The Bank of Kyoto,Ltd.
  • Daitokyo Shinkumi Credit Cooperative
  • Tokio Marine Asset Managemant Co., Ltd

as of December 19, 2019

Overview of the Green Project

YOKOHAMA GRANGATE was designed as an ecoBCP office building that will simultaneously achieve two objectives: “BCP” (Business Continuity Planning) to ensure business continuity and secure energy during an emergency, and “eco” measures to reduce power use and achieve energy savings during routine operation. We have installed the latest radiant air conditioning systems, which was developed in tandem with this project, as well as many other technologies. In addition to targeting acquisition of LEED Gold certification and CASBEE Yokohama S rank, we also plan to obtain WELL certification, which certifies buildings and their interior environments based on well-being and comfort, for this building as the first tenant building in Japan. We intend to continue our active work on office building projects and other investment and development projects that add a high degree of value in terms of environmental performance, with the goal of building the next foundation of revenue for Shimizu, in addition to the construction business.

Location: 5-1-16 Minatomirai, Nishi-ku, Yokohama-shi, Kanagawa
[ Minato Mirai 21 Central District Block 54 ]
Area developed: 11,491.11m2
Total floor space: 100,926m2
Number of floors: 18 floors above ground, 2 floors in penthouse
Purpose: Office, Shops, Parking
Project manager: Investment and Development Div., Shimizu Corporation
Design and supervision: Shimizu Corporation, 1st Class Architectural Design Firm
Construction: Shimizu Corporation
Completion: February 2020

Building Exterior and Location Map


Power and energy conservation (eco) + business continuity (BCP)

As a building, we will support ESG management by taking power saving and energy saving measures during normal times while considering business continuity and securing energy in an emergency.

Radiant air-conditioning System

When you enter a tunnel in the summer time, you feel cool due to an exchange of heat between the tunnel’s inner surface and the surface of your skin. This phenomenon is called “radiation.” Shimizu’s radiant air-conditioning system makes use of the radiation principle.


  • Comfortable spaces with no unpleasant drafts
  • Mild environments with no inconsistencies in temperature or humidity
  • Quiet spaces with little equipment noise

Environmental performance

  • Highly efficient space systems combining cogeneration systems with district heating and cooling

The high quality spaces provided by Shimizu’s radiant air-conditioning connects to improved intellectual productivity.

Comparison with Conventional air-conditioning

  • Minimal unpleasant drafts caused by air flow (cool air / hot air), maintaining the feeling of a stable temperature.
  • Radiating heat movement means no inconsistencies in temperature.
  • Little outlet wind volume means reduced noise.
  • Unpleasant drafts caused by air flow (cool air / hot air).
  • Temperature inconsistencies caused by convection stirring the air.
  • Wind noise from outlet causes more noise.
Conventional air-conditioning ( cooling scenario )
  • Unpleasant drafts caused by air flow (cool air / hot air).
  • Temperature inconsistencies caused by convection stirring the air.
  • Wind noise from outlet causes more noise.
Radiant air-conditioning (cooling scenario)
  • Minimal unpleasant drafts caused by air flow (cool air / hot air), maintaining the feeling of a stable temperature.
  • Radiating heat movement means no inconsistencies in temperature.
  • Little outlet wind volume means reduced noise.

Overview of radiant air-conditioning system (cooling scenario)

Overview of radiant air-conditioning system (cooling scenario)

Desiccant exterior unit introduces fresh, temperature- and humidity-controlled air from outside

  • The desiccant exterior unit uses dehumidifying agents to remove moisture from the air, instead of the conventional method of supercooling.
  • Exterior units provide air with precisely controlled temperature and humidity from outside.
  • Because temperature and humidity are controlled, dry air is ensured in summer and warm air in winter.
  • This fresh outside air can be used to supplement heating and cooling.
Desiccant method (dehumidification with moisture-absorbing agent)
Desiccant method (dehumidification with moisture-absorbing agent)

This model can be incorporated into not only system ceilings but also the frame structure

Acquired certification

  • Environmental performance evaluation system for buildings, focusing on cost and resource reduction, promotion of renewable clean energy, etc.
  • After meeting certain compulsory criteria in each evaluation category, buildings are given extra points for optional criteria.

Evaluation Categories

Evaluation Categories

About authentication status(As of November 2017)

  • Japan: 101 buildings
    The number of buildings obtaining LEED certification in Japan is increasing every year.
  • Worldwide: Approx. 150 countries
  • Approx. 65,807 buildings certified
About authentication status

In addition to energy saving and reduction of environmental load, this is a comprehensive environmental performance evaluation system that includes consideration for indoor comfort and scenery.

  • Building and indoor environment evaluation system that focuses on “health and well-being” for the first time in the world
  • AIR, WATER, NOURISHMENT, LIGHT, FITNESS, CONFORT, MIND, these 7 concept including about 100 features are evaluated for buildings and indoor environments, and platinum, gold, and silver certifications are granted according to the level.

Certification Status (as of January 10, 2017)

  • Began certification in 2014.
  • 61 buildings already certified (in 10 countries), 446 certification applications (in 31 countries)
  • The first research facility of a private company obtained certification in Japan in December 2017.

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