EIB backs TenneT Germany’s landmark €3.5 billion European Green Bond

This article is published in association with European Investment Bank.

• Transaction marks the largest corporate issuance ever executed in alignment with the European Green Bond Standard Regulation and the EIB’s first green bond operation in Germany
• EIB commits €74 million to TenneT Germany’s inaugural European Green Bond
• Financing to support the expansion of Germany’s electricity transmission grid and the integration of large-scale renewable energy

The European Investment Bank (EIB) has backed TenneT Germany’s inaugural €3.5 billion multi-tranche senior European green bond – the largest corporate issuance ever executed in the corporate debt capital markets in alignment with the European Green Bond Standard Regulation. This marks the EIB’s first green bond operation in Germany, reinforcing the Bank’s commitment to advancing green finance and deepening capital markets in Europe’s largest economy.

“The EIB’s backing for TenneT Germany’s inaugural European Green Bond demonstrates the EIB Group’s engagement to strengthen use of capital markets to accelerate the most critical infrastructure investment across Europe,” said EIB Vice-President Nicola Beer. “Grid expansion is not a national issue – it is the backbone of European energy security and cutting energy costs. Without efficient, modern transmission infrastructure, our renewable energy potential goes untapped. The EIB is pleased to support TenneT Germany in this landmark transaction, and we look forward to further deepening our support for Germany’s grid investment programme in the years ahead.”

The EIB committed a total of €74 million, participating in three of the four tranches.

Through its participation, the EIB promotes the use of the European Green Bond Standard in European corporate debt markets, helping to mobilise additional private capital for the EU Climate and Environmental objectives. The EIB promotes the European Green Bond standard both as an investor and as a leading issuer (largest to date with a total of EUR 7bn issued). This reflects the EIB’s role as the EU climate bank and its commitment to financing the infrastructure that underpins Europe’s clean energy future and long-term economic resilience.

“The EIB’s participation in our inaugural European Green Bond issuance is a powerful vote of confidence in TenneT Germany’s strategy and our role in building the energy infrastructure that Europe needs,” said Dr Markus Binder, CFO of TenneT Germany. “The EIB’s early support and participation, alongside the exceptionally strong demand from other investors across Europe and internationally, underlines that markets recognise TenneT Germany as a trusted partner in delivering the large-scale grid investments that will shape the future energy system.”

The proceeds will finance TenneT Germany’s programme of investments in Germany’s electricity transmission grid in alignment with the EU Taxonomy, including expansion of onshore and offshore high-voltage infrastructure, the connection of North Sea offshore wind capacity, and the integration of renewable energy into the wider European grid.

TenneT Germany issued the €3.5 billion total across four tranches with maturities of 4, 8, 12 and 20 years. The transaction met with exceptional investor confidence, with a peak oversubscription of approximately 6.3 times across the tranches – reflecting the strength of TenneT Germany’s credit profile and its central role in the European energy transition.

The bonds are listed on the regulated market of the Luxembourg Stock Exchange, with expected display on the Luxembourg Green Exchange (LGX). They are issued under TenneT Germany’s €35 billion Debt Issuance Programme, TenneT Germany’s Green Finance Framework and TenneT Germany’s European Green Bond Factsheet, in accordance with the European Green Bond Standard Regulation and in compliance with the ICMA Green Bond Principles (2025).

The transaction represents TenneT Germany’s first-ever access to the public debt capital markets and follows the recent completion of its new long-term ownership structure, with equity commitments from APG, GIC, NBIM and KfW acting on behalf of the German government. Together, these transactions establish TenneT Germany as an independent, investment-grade issuer capable of funding one of Europe’s largest grid investment programmes, with average annual investments of around €13 billion until 2030.

Background information

EIB Group   

The European Investment Bank (EIB) Group is the financing arm of the European Union, owned by the 27 Member States, and one of the largest multilateral development banks in the world. In 2025, the EIB Group signed €100 billion in new financing and advisory services for over 870 high-impact projects under eight core priorities that support EU policy objectives: climate action and the environment, digitalisation and technological innovation, security and defence, territorial cohesion, agriculture and the bioeconomy, social infrastructure, strong global partnerships and the savings and investments union. Beyond long-term loans for large infrastructure, the EIB Group crowds in private investment for high-risk innovative projects and businesses, with a growing role in Europe’s markets for venture debt, venture capital, guarantees and securitisations. 

The European Investment Fund (EIF) is the subsidiary of the EIB Group specialised in providing guarantees, securitisation  and equity to improve access to finance for small and medium-sized businesses and startups across Europe. Acting as an anchor investor, through its extensive network of partnering banks and investment funds, the EIF mobilises private investment and nurtures the ecosystem of venture capital funds to support innovative European entrepreneurs. 

Photos of the EIB Group’s representatives and headquarters, logo files and video B-roll for media use are available here.  

TenneT Germany

TenneT Germany is the largest transmission system operator in Germany. The company operates critical infrastructure that secures access to a reliable, sustainable and affordable electricity supply. TenneT Germany has more than 5,000 employees and is one of the largest investors in electricity grids on land and at sea in Germany. Located at the Northwest European energy crossroads, TenneT Germany connects: North and South. Offshore and Onshore. Germany and Europe. The connection of the North Sea as one of the world’s largest renewable energy sources plays a central role in this. The company’s growth is driven by a rapidly evolving electricity demand that requires a flexible and growing grid architecture.