21 March 2024

TenneT issues EUR 1.1 billion hybrid bonds

Lisa de Boer+ 2 other team members

De Brauw assisted TenneT on the issuance of EUR 1.1 billion hybrid bonds in a dual tranche issuance that was more than six times oversubscribed at the peak. It concerns Green Hybrid Bonds of EUR 550 million with a coupon of 4.625% and a non-call period of 5.25 years and EUR 550 million with a coupon of 4.875% and a non-call period of 8 years, respectively.

Proceeds will be used, in line with TenneT’s Green financing Framework, to invest in eligible green power transmission projects in the Netherlands and Germany focused on connecting large-scale offshore wind farms to the onshore electricity grid and investments in the onshore transmission grid with the main objective to increase the transmission of renewable energy.