TenneT Raises EUR 500 Million for DolWin Trio

Business & Finance

May 12, 2016

TenneT issued its inaugural EUR 500 million Green Schuldschein, a type of privately-placed German debt similar to a bond, which will serve to finance DolWin 1, 2 and 3 projects.

DolWin Beta installation (Photo: TenneT)

The offer with an initial 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 attract, amongst others, German savings banks and both German and international institutional investors.

The Green Schuldschein has been issued for investments in three German offshore wind transmission projects:

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 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.