TenneT’s Largest Ever Green Eurobond

De Brauw acted as lead counsel to TenneT Holding B.V.

TenneT Holding B.V., the Netherlands-based electricity transmission system operator, issued 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.

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.

The De Brauw team included Bas Boutellier (Picture), Sifra van Ansenwoude, Anastasia Grishkova,
Barend Hulsebosch, Roanne Groothengel.

 

Involved fees earner: Bas Boutellier – De Brauw Blackstone Westbroek; Anastasia Grishkova – De Brauw Blackstone Westbroek; Roanne Groothengel – De Brauw Blackstone Westbroek; Barend Hulsebosch – De Brauw Blackstone Westbroek; Sifra van Ansenwoude – De Brauw Blackstone Westbroek;

Law Firms: De Brauw Blackstone Westbroek;

Clients: TenneT;

Naoual Sadouqi

Author: Naoual Sadouqi