Financing

TenneT expects capital expenditures of the TenneT Group of billions EUR with respect to fixed assets in the Netherlands and Germany. The objectives concerning renewable energy (particularly offshore wind energy) also require additional investments in the grid. To finance the billions investment in the Grid TenneT entered the capital market in 2010 and 2011.

The existing and anticipated sources of funding for these expenditures are:

1.EUR 1125 million revolving credit facility, which was put in place in June 2010 2009 (maturing June 2015);
2. EUR 400 million of existing term loans, of which EUR 40 million has a maturity of approximately 4 years and the remaining EUR 360 million has a maturity of greater than 10 years;
3. EUR 430 million of other existing credit lines, all of which has a maturity of less than one year, and of which EUR 30 million is committed;
4. EUR 500 million of hybrid capital, issued on 9 February 2010, with a coupon of 6,655 %, an infinite duration and right to buy from 1 June 2017. 

Public debt issuances under a euro medium term note program:

5. EUR 500 million senior bonds, issued 9 February 2010, with a coupon of 3,25% and a term of 5 years.
6. EUR 500 million senior bonds, issued 9 February 2010, with a coupon of 4,50% and a term of 12 years.
7. EUR 200 million senior bonds, issued 3 June 2010, with a coupon of 4,75% and a term of 20 years;
8. EUR 500 million senior bonds, issued 21 February 2011, with a coupon of van 3,875% and a term of 7 years.
9. EUR 500 million senior bonds, issued 21 February 2011, with a coupon of van 4,625% and a term of 12 years. 

TenneT has a key focus on diversifying sources of financing both with regards to duration and investors.