TenneT Holding B.V.(rated A3/A-) refinanced its EUR 2.2 billion Revolving Credit Facility (RCF) and increased the principal to EUR 3 billion. The pricing of the facility is linked to TenneT’s ambition to be fully climate neutral in 2025.
The maturity date of the RCF, which can be used for general corporate purposes, is extended to November 2024 with two one-year extension options. The agreed accordion options gives TenneT the flexibility to further increase the RCF.
Participating banks in the single tier RCF are: Rabobank (Sustainability) Coordinator, ABN AMRO, BNP Paribas, BNG, Deutsche Bank, HSBC, ING Bank (Agent), Lloyds, NatWest and SMBC.
Investing in the energy transition
TenneT is driving the European energy transition and expects to invest EUR 35 billion in offshore and onshore grid connections across the Netherlands and Germany over the next ten years. Approx. 80 percent of TenneT’s investments are directly related to the energy transition and renewable electricity production, such as wind and solar energy. In the period up to 2030, TenneT expects to have realized approximately 25 gigawatts (GW) of connection capacity for offshore wind farms in the Dutch and German parts of the North Sea, transmitting electricity sufficient to power 31 million households for a full year.