TenneT Holding B.V. has launched and priced a senior Green Bond offering that will be used to fund eligible green power transmission projects in the Netherlands and Germany.
The EUR 3.85 billion senior Green Bond issue is divided into four tranches of EUR 1,250 million, EUR 1,000 million, EUR 750 million, and EUR 850 million, with ABN AMRO, BNP Paribas, Commerzbank, NatWest Markets, Santander, and UniCredit acting as joint bookrunners.
The funds will be used to fund eligible green power transmission projects in the Netherlands and Germany, with a focus on connecting large-scale offshore wind farms to the onshore electricity grid, as well as investments in the onshore transmission grid with the primary goal of increasing renewable energy transmission. TenneT’s Green Financing Framework, dated March 2022, contains more information on these projects and the project selection process, for which ISS ESG provided a Second Party Opinion to confirm alignment with the ICMA Green Bond Principles.
Investing into renewable energy
TenneT is heavily investing in the energy transition in Europe, making an important contribution to meeting national climate targets and connecting everyone to a brighter energy future while maintaining a solid financial position, with annual planned investments expected to grow to at least EUR 6 billion by 2025.
The majority of TenneT’s investments are tied to the growth of renewable energy sources like wind and solar power. TenneT expects to have completed at least 38 gigawatts (GW) of offshore wind farm connection capacity in the Dutch and German parts of the North Sea by 2030.