TenneT has secured a €8bn credit facility to finance further investments in the energy transition.
Earlier this year, TenneT announced its intention to explore the possibility of a full sale of its German activities to the German government on “acceptable terms”.
Such potential transaction would enable the creation of two strong national players, controlled and funded by their respective governments, and cooperating in driving the energy transition, TenneT said.
To support the financing of TenneT’s increasing Capex programme while having the exploratory discussions with the German government, TenneT Holding B.V. (ratings A3/A-, stable outlook) has secured the credit facility with a tenor of 2.5 years.
The facility is one of the largest single tier ticket credit facilities in Europe since 2020, TenneT said.
It is provided by TenneT’s existing relationship banks, namely BNP Paribas (Bookrunner), ABN AMRO, BNG, Commerzbank, Deutsche Bank, ING, Rabobank, Santander, SMBC Nikko, and UniCredit as Mandated Lead Arranger.
TenneT chief financial officer Arina Freitag (pictured) said: “TenneT is one of the largest investors in the energy transition in Germany and the Netherlands and we welcome the support from our relationship banks to execute our Capex programme with a €8bn credit facility.”