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June 7, 2016

TenneT issues €1bn dual tranche Green Bond for offshore windfarms

European electricity transmission system operator (TSO) TenneT has issued its second Green Bond worth €1bn for investing in the transmission of renewable electricity from offshore windfarms to the onshore electricity grid.

By Lopamudra Roy

bond

European electricity transmission system operator (TSO) TenneT has issued its second Green Bond worth €1bn for investing in the transmission of renewable electricity from offshore windfarms to the onshore electricity grid.

The proceeds have been used to invest in different offshore projects, which include DolWin1, a 165km high voltage direct current (HVDC) link with 800MW capacity; DolWin2, a 135km HVDC link with 916MW capacity; DolWin3, a 162km HVDC link with 900MW capacity; and BorWin3, a 160km HVDC link with 900MW capacity.

TenneT’s chief financial officer Otto Jager said: "This second consecutive Green Bond issue demonstrates that the green project portfolio approach works very well.

"Adding one further offshore German wind transmission project to the programme provides us the possibility to continue the issuance of Green Bonds.

"Adding one further German wind transmission project to the programme provides us the possibility to continue the issuance of Green Bonds."

"This underpins TenneT’s ambition to be the best performing TSO in Northwest Europe in terms of Corporate Social Responsibility."

The dual tranche green bond has been issued with the support of five banks, including Barclays, Deutsche, ABN AMRO, BNP Paribas, and SMBC Nikko Capital Markets.

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TenneT Green Bonds can be used to finance the company’s other sustainable projects in Germany, as well as for Dutch offshore projects, which would connect offshore windfarms to the Dutch grid.

Over the next ten years, the company’s investments in offshore wind energy projects across Germany and the Netherlands are expected to reach €8bn-€10bn.


Image: TenneT’s offshore converter platform DolWin beta. Photo: courtesy of TenneT Holding B.V.

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