TenneT issues €1.25 billion in green bonds

Dutch/German transmission operator Tennet Holding B.V. has launched a €1.25 billion green bond program. The issuance is backed by five major banks – BNP Paribas, Deutsche Bank, ING Bank, Lloyds and Rabobank.

Two new offshore wind plants, in the Dutch section of the North Sea, are included for the first time in TenneT's green bond offering

Image: Flickr/eLKayPics

Share

TenneT today announced the successful issuance of €1.25 billion in green bonds. The bonds will be issued in two tranches: €500 million at a ten year term and coupon rate of 1.375%, and a second of €750 million with a 16 year term and 2% coupon rate.

The transmission operator said that two additional projects – Borssele Alpha and Borssele Beta, two wind projects located in the Dutch waters of the North Sea – are included in its green bond portfolio for the first time, which so far consists of nine offshore wind projects in Germany.

TenneT  is aiming to realize more than 7 GW of connection capacity for new offshore wind farms in the German waters of the North Sea by 2019, and expects to have developed 3.5 GW in the Dutch North Sea by 2023.

Popular content

The latest bond issuance brings the company's total to €6.25 billion, making it the largest corporate green bond issuer in the Netherlands. TenneT is expected to invest as much as €28 billion in new grid connections, offshore and onshore, in an area of operations covering the Netherlands and western parts of Germany.

In April, TenneT along with fellow Dutch transmission operator Enexis, announced the two would be carrying out operations to boost the connection capacity available for solar over the next few years – particularly in the country’s less densely populated east.

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.