TenneT has raised €1bn as part of its green bond scheme to finance a series of offshore wind transmission systems in the North Sea.
The company said today that a pair of €500m bonds were four times oversubscribed.
The 10 and 20-year bonds carried coupons of 1% and almost 1.9% and were supported by five banks including Barclays, BNP Paribas, Deutsche Bank, ABN Amro and SMBC Nikko Capital Markets.
Finance will be used for the 800MW DolWin1 grid system commissioned last year as well as the 916MW DolWin2 due online this year, the TSO said.
The 900MW DolWin3 due to be commissioned in 2017 and the 2019 900MW BorWin3 will also utilise the cash.
TenneT chief financial officer Otto Jager said: This second consecutive Green Bond issue demonstrates that the green project portfolio approach works very well. By adding one further offshore German wind transmission project to the programme provides us the possibility to continue the issuance of Green Bonds.”
Image: the BorWin2 platform (TenneT)
