TenneT Netherlands has priced a €2.5 billion dual-tranche Green Bond issuance backed by an irrevocable and unconditional institutional guarantee from the Dutch State. The transaction comprises a €1.5 billion seven-year Green Bond and a €1 billion 15-year Green Bond. Combined order books exceeded €17 billion, reflecting strong demand from international investors.
Key Overview
- TenneT Netherlands priced a €2.5 billion Green Bond issuance.
- The transaction includes seven-year and 15-year Green Bonds.
- Combined order books exceeded €17 billion.
- Net proceeds will finance and refinance eligible green investments.
- Bonds are backed by a guarantee from the Dutch State.
TenneT Netherlands Prices €2.5 Billion Green Bond
TenneT Netherlands B.V. has successfully priced a dual-tranche TenneT Netherlands Green Bond issuance totalling EUR 2.5 billion under its funding structure supported by an irrevocable and unconditional institutional guarantee from the Dutch State.
The transaction consists of a €1.5 billion 7-year tranche and a €1 billion 15-year tranche.
The seven-year bond carries a coupon of 3.375%, while the 15-year bond carries a coupon of 3.750%. Both bonds are expected to be rated Aaa/AAA by Moody’s and Standard & Poor’s and will be listed on Euronext Amsterdam.
The transaction attracted strong demand, with combined order books exceeding EUR 17 billion from a broad and diversified international investor base.
Green Bond Supports Dutch High-Voltage Grid
The net proceeds from the Green Bond issuance will be exclusively used to finance and/or refinance eligible investments in electricity networks, connection services and interconnectors.
These eligible green investments contribute to the decarbonisation of the energy sector and the EU Environmental Objective of Climate Change Mitigation.
Dieuwert Inia, CFO of TenneT Holding and TenneT Netherlands, said the strong investor demand demonstrated confidence in TenneT Netherlands and its role in facilitating the Dutch energy transition.
“The strong demand for this Green Bond issuance demonstrates investors’ confidence in TenneT Netherlands and in our essential role in facilitating the Dutch energy transition,” said Inia.
“The proceeds will support the significant investments required to expand and reinforce the Dutch high-voltage grid.”
He added: “Green financing remains an important pillar of our long-term funding strategy.”
Strong Investor Demand for Green Financing
The combined order books exceeding €17 billion reflected demand from a broad and diversified international investor base.
According to TenneT Netherlands, the demand reflected the high credit quality of its Dutch State-guaranteed funding structure and investor confidence in the company’s long-term investment programme.
The transaction also represents an important milestone in further extending TenneT Netherlands’ liquid benchmark curve to support future funding activities in the Sovereign, Supranational, and Agency (“SSA”) bond market.
The seven-year bond priced at an equivalent spread of 19 bps over the reference Dutch State Loan and a spread of 15 bps over the mid-swaps curve.
The 15-year bond priced at an equivalent spread of 17 bps over the reference Dutch State Loan and a spread of 37 bps over the mid-swaps curve.
TenneT Netherlands said both outcomes position the company among the highest-quality bond issuers in Europe.
Dutch State Guarantee Supports TenneT Bond
The new seven-year and 15-year Green Bonds will be issued under TenneT Netherlands’ Euro Medium Term Note (EMTN) Programme.
The irrevocable and unconditional institutional guarantee by the Dutch State under the State Guarantee Agreement enables TenneT Netherlands to issue Aaa/AAA senior debt financing.
The guarantee will cover TenneT Netherlands’ payment obligations in respect of, among others, these issuances and future debt financing.
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Green Financing Framework
The Green Bonds were issued under TenneT Netherlands’ Green Financing Framework, published on 5 December 2025, for which ISS ESG has provided a Second Party Opinion.
Under the framework, net proceeds from Green Financing Instruments will be exclusively used to finance and/or refinance eligible investments in three categories: Electricity Network, Connection Services and Interconnectors.
The investments are intended to contribute to the decarbonisation of the energy sector and the EU Environmental Objective of Climate Change Mitigation.
TenneT Holding, the direct parent of TenneT Netherlands, was one of the first Dutch issuers in the Green Bond market and has issued more than EUR 20 billion of green debt to finance grid investments that facilitate the energy transition.
Green Bond Issuance Led by Six Banks
The transaction was led by a consortium of six banks.
BNP Paribas and Deutsche Bank acted as Global Coordinators, while ABN AMRO, ING, HSBC, and UniCredit served as Joint Lead Managers.
The strong demand provides TenneT Netherlands with funding under its Dutch State-guaranteed structure while supporting investments in electricity networks, connection services and interconnectors.
The financing also forms part of the company’s longer-term funding strategy as it continues to support investments required to expand and reinforce the Dutch high-voltage grid.
Outlook
The TenneT Netherlands Green Bond provides €2.5 billion through seven-year and 15-year tranches, with combined order books exceeding €17 billion. The Dutch State guarantee supports the company’s Aaa/AAA senior debt financing structure.
Net proceeds will be exclusively directed toward eligible investments in electricity networks, connection services and interconnectors. TenneT Netherlands said these investments will support the decarbonisation of the energy sector and the expansion and reinforcement of the Dutch high-voltage grid.
The transaction also extends TenneT Netherlands’ liquid benchmark curve and supports future funding activities in the SSA bond market, while green financing remains an important pillar of its long-term funding strategy.
Sources: TenneT, The Voice of Renewables, Econostream Media, reNEWS
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