Hokkaido Electric Power Company, Incorporated filed a shelf registration supplement with the Hokkaido Local Finance Bureau on September 4, 2026 for its 409th unsecured bond, a ¥30bn issue carrying a limited pari passu covenant and labelled a green bond. The notes pay 3.458% annually, split into payments each March 25 and September 25, and mature on September 25, 2036.
Net proceeds of roughly ¥29.9bn are earmarked for subsidiary Hokkaido Electric Power Network by the end of March 2027. The network company will use the money for new investment and refinancing tied to grid reinforcement that supports renewable-energy expansion, and the filing specifically names the ongoing project to expand the interconnection facility linking Hokkaido and Honshu as one of the eligible uses. The filing does not break out a separate budget for that interconnection work; it sits inside the broader grid-reinforcement category.
| Feature | Detail |
|---|---|
| Issue size | ¥30bn (30,000 million yen) at par |
| Coupon | 3.458% per year, paid March 25 and September 25 |
| Maturity | September 25, 2036 |
| Credit ratings | A+ (R&I), AA- (JCR) |
| Net proceeds | Approx. ¥29.9bn to subsidiary Hokkaido Electric Power Network by end-March 2027 |
| Largest underwriter allocation | Mizuho Securities, ¥12bn of the ¥30bn total |
R&I rated the bond A+ and JCR rated it AA-, both as of the filing date. Mizuho Securities underwrote ¥12bn of the total, while Daiwa Securities, SMBC Nikko Securities, Nomura Securities and Mitsubishi UFJ Morgan Stanley Securities each took ¥4.5bn; the combined underwriting fee is ¥85mn. Mizuho Bank and North Pacific Bank are named as bond trustees. The application period ran September 4, 2026, with payment due September 10, 2026. The issue draws on the company's ¥400bn shelf registration, effective from August 17, 2026 to August 16, 2028, which had recorded no prior offerings before this one.
The green-bond framework behind the deal carries a second-party opinion from DNV Business Assurance Japan and is aligned with the ICMA Green Bond Principles 2025, covering eligible categories that include renewable generation, safety investment for restarting existing nuclear reactors, electrification, and transmission and distribution upgrades. Hokkaido Electric says it will report allocation and impact data, including installed capacity and CO2-reduction figures where calculable, on an annual basis until the full amount raised has been allocated.