TenneT has issued its largest ever and first Green triple tranche eurobond transaction.
The €1.8bn green bond is split in three tranches of €650m, €500m and €650m, with the support of six joint bookrunners that include BNP Paribas, Deutsche Bank and HSBC.
Proceeds from the issue will be used to invest in 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.
Investors from 20 European countries placed orders of approximately €4bn.
TenneT has over €12bn of green debt issued across different debt formats.
With annual planned investments expected to grow to approximately €5-6bn 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 realised approximately 28GW of connection capacity for offshore wind farms in the Dutch and German parts of the North Sea.