TenneT Holding B.V. (rated A3/A-) has successfully closed its first euro-denominated Green US Private Placement, which is in three tranches, with the support of Barclays and NatWest Markets acting as joint placement agents.
| Amount | Maturity | Coupon |
|---|---|---|
| EUR 160 million | 10 years | 1.61% |
| EUR 295 million | 12 years | 1.83% |
| EUR 45 million | 15 years | 2.01% |
The offer attracted, amongst others, US life insurance and US institutional investors that were not part of TenneT's investor base yet.
Otto Jager, TenneT's Chief Financial Officer, said: “TenneT's first Green USPP issuance demonstrates TenneT's ability to diversify its financing sources and investor base to carry out our substantial investment plans. The green angle demonstrates again our commitment to working with our stakeholders to continually improve and innovate in our approach to Corporate Social Responsibility.
Investing in green energy
TenneT's investments in offshore and onshore grid connections across the Netherlands and Germany are expected to total EUR 28 billion over the next 10 years.
In the period up to 2027, TenneT expects to have realized 11 gigawatts (GW) of connection capacity for offshore wind farms in the German sector of the North Sea, transmitting electricity equivalent to the annual power consumption of approx. 16 million households. By 2030, TenneT expects to have realized 9.6 GW of connection capacity in the Dutch sector of the North Sea, corresponding to the annual power consumption of close to 14 million households.