TenneT Germany, the largest electricity transmission system operator in Germany, announced that it has raised €3.5 billion in its inaugural green bond offering, marking the largest corporate issuance to date under the EU’s European Green Bond (EuGB) standard.
TenneT noted strong demand for the offering, with the issuance more than 6x oversubscribed. The issuance included four tranches, with maturities of 4, 8, 12 and 20 years.
The offering follows the release in late 2025 of TenneT’s Green Finance Framework, which included investments in electricity transmission infrastructure and equipment as its key use of eligible proceeds. TenneT has announced plans to invest around €67 billion in the further expansion of its grid between 2026 and the end of 2030, supporting decarbonization within the German and European energy transition, and enabling the integration of renewable energy into the electricity grid.
Under the EuGB regulation, all proceeds from instruments issued using an EuGB designation are required to be invested in economic activities that are aligned with the EU Taxonomy. Companies issuing bonds under the EuGB designation are also required to follow strict transparency criteria, including disclosing how the proceeds from the bonds will be used, as well as committing to a green transition plan, and reporting on how the investments contribute to the those plans.
Adopted by the EU in November 2023, and entering into force in December 2024, the EuGB regulation was launched by the European Commission to establish a “gold standard” for green bonds, in order to combat greenwashing and advance the sustainable finance market in the EU.
Dr Markus Binder, CFO of TenneT Germany, said:
“This inaugural bond issuance marks a significant milestone for TenneT Germany and an important step in establishing our independent access to debt capital markets. It reflects the strong confidence investors place in our robust business model and our central role in shaping the energy system of the future. At the same time, this transaction is only the beginning as it lays the foundation for our long-term debt capital markets presence and supports the financing of our substantial investment plans in a sustainable and scalable way.”
