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TenneT launches EUR 1.8 billion green bond

By: Tom Russell 27/05/2021 TenneT

Converters General Grid Substations Windfarms

TenneT Holding B.V. (issuer ratings A3/A-, stable outlook) has launched and priced a Green Bond issue of EUR 1.8 billion, split in three tranches of EUR 650 million (term: 6.5 years, coupon 0.125%), EUR 500 million (term: 10 years, coupon 0.500%) and EUR 650 million (term: 20 years, coupon 1.125%).

It was launched with the support of six active Joint Bookrunners: BNP Paribas, Deutsche Bank, HSBC, ING Bank, Rabobank and UniCredit.

Proceeds will be used to invest in eligible green power transmission projects in the Netherlands and Germany focused on connecting large-scale offshore wind farms to the onshore electricity grid and enhancing the onshore transmission capacity for renewable energy. Further details on these projects and project selection process is set out in TenneT’s Green Financing Framework dated March 2021.

With annual planned investments expected to grow to approximately EUR 5 to 6 billion within the next five years, TenneT is heavily investing in the energy transition in Europe. The majority of TenneT's investments are directly related to the increase in renewable energy sources, such as wind and solar energy. By 2030 TenneT expects to have realized 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 support the energy usage of approximately 28 million households.

In addition, TenneT plans to build a first cross-border wind power hub in the North Sea together with consortium partners by 2035, which, with 12,000 MW, will have the capacity of twelve large power plants. The hub will supply Denmark, the Netherlands and Germany with green wind power from the North Sea.

For more information on offshore wind farms worldwide, click here.

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TenneT launches EUR 1.8 billion green bond

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