TenneT issues €1 billion bond

In: Windfarms
16/07/2020
TenneT Holding B.V. (rated A3/A-) has issued a Green Hybrid Bond issue of EUR 1 billion with a coupon of 2.374% and a non-call period of 5.25 years. TenneT stated that the bond will further strengthen its balance sheet, as it will receive 50% equity credit from the credit rating agencies.

The transaction was supported by ten banks: BNP Paribas and HSBC as joint structuring advisors and joint lead managers, Deutsche Bank and ING Bank as joint lead managers and ABN AMRO, Commerzbank, Lloyds Bank, NatWest Markets, Rabobank and SMBC Nikko as passive bookrunners.

In order to implement the sustainable energy policies of the Netherlands and Germany, drive energy transition and carry out large-scale maintenance work on our high-voltage grids, TenneT' s annual investments are expected to grow from approximately EUR 2 to 3 billion today to approximately EUR 4 to 5 billion within the next five years.

The majority of TenneT' s investments are directly related to the increase in renewable energy sources, such as wind and solar energy. In the period up to 2030, TenneT expects to have realised approximately 28 GW of connection capacity for offshore wind farms in the Dutch and German parts of the North Sea, transmitting an amount of electricity sufficient to power 38 million households for a full year.


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