TenneT issues EUR-3.85bn green bond

The Borssele Alpha transformer platform. Image by: TenneT (www.tennet.eu).

May 4 (Renewables Now) - Transmission system operator (TSO) TenneT Holding BV has successfully issued a green bond of EUR 3.85 billion (USD 4.15bn) that drew solid investor demand, with orderbooks reaching EUR 8 billion after final terms.

The company said in a statement that on Tuesday it successfully launched and priced a senior green bond issue split into four tranches. There were six active joint bookrunners, namely ABN AMRO, BNP Paribas, Commerzbank, NatWest Markets, Santander and UniCredit.

More details about each tranche are available in the following table.

Tranche size Term Coupon
EUR 1.25bn 4.5 years 1.625%
EUR 1bn 7.5 years 2.125%
EUR 750m 11 years 2.375%
EUR 850m 20 years 2.750%

TenneT plans to use the proceeds to invest in eligible green power transmission projects in the Netherlands and Germany. These will be focused on connecting large-scale offshore wind farms to the onshore electricity grid. The company will also invest in the onshore transmission grid to increase the transmission of renewables.

The TSO expects that around 2030 it will have realised at least 38 GW of connection capacity for offshore wind farms in the Dutch and German parts of the North Sea.

(EUR 1.0 = USD 1.077)

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