--- title: "TenneT Netherlands B.V. prices EUR 2.5 billion dual-tranche Green Bond issuance in the Netherlands; order books exceed EUR 17 billion" sdDatePublished: "2026-09-04T11:23:00Z" source: "https://www.tennet.eu/nl-en/news/tennet-netherlands-prices-eur-25-billion-dual-tranche-green-bond-issuance" topics: - name: "financial and business service" identifier: "medtop:20000271" - name: "energy industry" identifier: "medtop:20000261" - name: "electricity" identifier: "medtop:20000260" - name: "bonds" identifier: "medtop:20000347" - name: "renewable energy" identifier: "medtop:20000257" - name: "government aid" identifier: "medtop:20000367" - name: "international trade" identifier: "medtop:20000373" locations: - "North Holland" - "Netherlands" --- TenneT Netherlands B.V. prices EUR 2.5 billion dual-tranche Green Bond issuance in the Netherlands; order books exceed EUR 17 billion TenneT Netherlands prices EUR 2.5 billion dual-tranche Green Bond issuance TenneT Netherlands prices EUR 2.5 billion dual-tranche Green Bond issuance TenneT Netherlands B.V. ("TenneT Netherlands") 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, said: "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: 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. With over 11,500 kilometres of high-voltage connections both onshore and offshore, our role as a Transmission System Operator (TSO) is to ensure a secure supply of electricity to over 18 million end-users in the Netherlands, and to create the infrastructure needed to secure supply today and tomorrow. TenneT Netherlands is one of Europe’s biggest investors in national and cross-border electricity transmission capacity on land and at sea, bringing together the Northwest European energy markets and efficiently unlocking large-scale renewable electricity sources, with EUR 5.0 billion of investments in 2025. We collaborate with a wide range of partners in the energy market to develop and apply new, smart technologies to contribute to the energy transition. We seek to balance the financial interests of our stakeholders with our obligation to ensure electricity remains affordable and freely available to all. In the Netherlands, we live, work, and travel. Behind the security and comfort of our daily lives lies something fundamental: electricity.