De Brauw acted as lead counsel to TenneT Holding B.V., the Netherlands-based electricity transmission system operator, in successfully issuing the largest ever Green Eurobond. The transaction concerned a EUR 3.85 billion bonds issue, split into four tranches of EUR 1,250 million, EUR 1,000 million, EUR 750 million, and EUR 850 million respectively. The issuance was supported by six active joint bookrunners, namely ABN AMRO, BNP Paribas, Commerzbank, NatWest Markets, Santander and UniCredit.
TenneT will use the
proceeds of this green bond issuance to invest in eligible green power
transmission projects in the Netherlands and Germany. These projects focus on
connecting large-scale offshore wind farms to the onshore electricity grid and
on investing in the onshore electricity grid with the main objective to
increase the transmission of renewable energy. Arina Freitag, TenneT's
Chief Financial Officer, said: "Green financing aligns perfectly with
our role in facilitating the backbone of a secure, reliable, and zero-carbon
energy system, as our work contributes towards national and international
climate goals, in particular our home markets in the Netherlands and Germany."
The transaction drew solid investor demand, with orderbooks reaching EUR 8 billion after final terms. With the issuance, TenneT reconfirms its status amongst the top-3 corporate issuers of green debt financing globally.