TenneT agrees EUR-3bn credit facility in refinancing deal

BorWin gamma offshore conversion platform. Image by: TenneT www.tennet.eu).

November 12 (Renewables Now) - Dutch transmission system operator (TSO) Tennet Holding BV announced on Monday it has refinanced its EUR-2.2-billion (USD 2.42bn) revolving credit facility, increasing the principal to EUR 3 billion.

The company said in a statement that the pricing of the credit line is tied to its ambition to be fully climate neutral in 2025.

The facility, which matures in November 2024, can be used for general corporate purposes. The refinancing agreement comes with two options to extend the maturity date by an additional year.

Rabobank, ABN AMRO, BNP Paribas, BNG, Deutsche Bank, HSBC, ING Bank, Lloyds, NatWest and SMBC are the bank participating in the facility.

TenneT says it expects to spend some EUR 35 billion on offshore and onshore grid connections across the Netherlands and Germany over the next ten years and this includes about 25 GW of connection capacity for offshore wind parks in the North Sea.

(EUR 1.0 = USD 1.101)

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