TenneT Netherlands B.V. has successfully priced a dual-tranche Green Bond issuance under its funding structure supported by an irrevocable and unconditional institutional guarantee from the Dutch State. The transaction consists of a EUR 1.5 billion 7-year Green Bond and a EUR 1 billion 15-year Green Bond. The bonds carry coupons of 3.375% and 3.750% respectively and are expected to be rated Aaa/AAA by Moody’s and Standard & Poor’s. Both bonds will be listed on Euronext Amsterdam.
With the combined order books exceeding EUR 17 billion, the bonds attracted strong demand from a broad and diversified international investor base, reflecting the high credit quality of TenneT Netherlands’ Dutch State-guaranteed funding structure and investor confidence in the company’s long-term investment programme. The transaction 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.
Dieuwert Inia, CFO of TenneT Holding and TenneT Netherlands, told The Voice of Renewables: “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. The proceeds will support the significant investments required to expand and reinforce the Dutch high-voltage grid. Green financing remains an important pillar of our long-term funding strategy.”
The 7-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. Both outcomes position TenneT Netherlands amongst the highest quality bond issuers in Europe.
The new 7-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 and will cover TenneT Netherlands’ payment obligations in respect of, among others, these issuances and future debt financing. Further information on the State Guarantee Agreement can be found in the base prospectus and on TenneT’s website at https://www.tennet.eu/nl-en/about-tennet/investor-relations/state-guarantee.
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. The net proceeds of Green Financing Instruments will be exclusively used to finance and/or refinance eligible investments (“Eligible Green Investments”) in the categories Electricity Network, Connection Services and Interconnectors. Eligible Green Investments 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, having issued over EUR 20 billion of green debt to finance grid investments that facilitate the energy transition.
The transaction was led by a consortium of six banks, with BNP Paribas and Deutsche Bank as Global Coordinators, together with ABN AMRO, ING, HSBC, and UniCredit as Joint Lead Managers.
