Latest - March 29, 2017

TenneT issues first-ever Green Hybrid Bond

De Brauw acted as lead counsel to TenneT, the Netherlands-based electricity transmission system operator, in successfully launching and pricing the first ever Green Hybrid Bond, with the support of five banks: Barclays, Deutsche Bank, BNP Paribas, HSBC and ING.

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TenneT will use the proceeds of this EUR 1 billion bond issue to finance projects relating to the transmission of renewable electricity produced by offshore wind power plants into the onshore electricity grid.

Investor interest in these bonds was huge; the order book was oversubscribed three times. The bonds are expected to be issued and settled on or around 12 April 2017. Application will be made for the bonds to be traded on Euronext Amsterdam.

Otto Jager, TenneT’s Chief Financial Officer, said: “The inaugural Green Hybrid Bond issue demonstrates our ongoing commitment to green financing instruments and the further development of the green financing market. It provides an excellent way to finance our green investment portfolio, which facilitates the transition to renewable energy, while supporting our credit ratings at the same time.” 

Team:
Menno Stoffer (lead partner), Tom Abeln, Johan Valk, Maarten van der Weijden, Paul Sleurink, Mats Cornelisse, Arjan Kleinhout, and Claire van der Hoeven.