Die so genannten „Green Schuldscheine“ sollen die Finanzierung von drei Offshore-Netzanbindungen sichern
(WK-intern) – TenneT successfully issues inaugural EUR 500m Green Schuldscheine
- Market shows keen interest: Green Schuldschein more than two times oversubscribed
- Diversification of investor base and funding sources
- Green Schuldschein follows inaugural green bond of 2015
TenneT Holding B.V. (rated A3/A-) today successfully completed its inaugural Green Schuldschein issue.
The EUR 500m Schuldschein, a type of privately-placed German debt similar to a bond, was issued with the support of Helaba and ING Bank in six tranches:
The offer with initially a volume of EUR 300 million was more than two times oversubscribed, which allowed TenneT to upsize to an overall issuance volume of EUR 500 million and attracted amongst others German savings banks and German and international institutional investors.
Otto Jager, TenneT’s Chief Financial Officer, said: “Today’s inaugural Green Schuldschein issue demonstrates TenneT’s ability to diversify its financing sources and investor base to carry out our investment plans. The green angle further establishes our ambition to be among the best performing TSOs in North-West Europe on Corporate Social Responsibility. This Green Schuldschein supports investment in three offshore wind transmission projects in Germany.”
Investing in green energy
Today’s announcement relates to the issuance of Green Schuldschein for investments in the transmission of renewable electricity from offshore wind farms to the onshore electricity grid. The following offshore projects are financed with the proceeds:
- DolWin1 (commissioning 2015): a 165 km HVDC (high voltage direct current) link with 800 MW capacity.
- DolWin2 (commissioning 2015): a 135 km HVDC link with 916 MW capacity.
- DolWin3 (commissioning 2017): a 162 km HVDC link with 900 MW capacity.
TenneTs investments in offshore wind energy projects across the Netherlands and Germany are expected to total EUR 7 to 9 billion over the next 10 years. In the period up to 2019, TenneT is realizing over 7,000 megawatts (MW) of connection capacity for offshore wind farms in the German sector of the North Sea, transmitting electricity equivalent to the annual power consumption of approx. 9 million households. By 2023, the company expects to have realized 3,500 MW of connection capacity in the Dutch sector of the North Sea, corresponding to the annual power consumption of over 4 million households.
Green Bonds Framework
In April 2015 TenneT published a Green Bonds Framework which serves as a structure for verifying the sustainability quality (i.e. the social and environmental added value) of the projects to be financed through the issuance of Green debt instruments. The Framework has been reviewed by oekom Research AG, who provides also a second-party opinion in relation to this Green Schuldschein. It is available on TenneT’s website.
Additionally TenneT has incorporated into Schuldschein documentation specific Use of Proceeds provisions designed to be aligned with the Green Bond Principles.