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Linklaters has advised transmission system operator TenneT Germany on its inaugural Green Hybrid Bond issuance with a total volume of €2.6 bn. The transaction represents the largest corporate EuGB hybrid issuance and the largest corporate hybrid bond issued by a utility in the DACH region. It marks another significant step in the continued expansion of TenneT Germany’s diversified capital markets funding platform.
The issuance includes two subordinated Green Hybrid Bond tranches with first call dates after 5.25 and 8.5 years, respectively. The bonds were issued under TenneT Germany’s Debt Issuance Programme and comply with the requirements of the EU Green Bond Regulation as well as the ICMA Green Bond Principles.
TenneT Germany operates Germany’s largest electricity transmission network and plays a pivotal role in the integration of renewable energy sources and the expansion of European energy infrastructure.
The Green Hybrid Bonds add another important component to the funding platform that TenneT Germany has established over recent months.
In December 2025, Linklaters advised TenneT Germany on the establishment of its €35 bn Debt Issuance Programme. The programme provides the framework for issuances across a range of maturities, currencies and structures, and in particular enables the issuance of ICMA Green Bonds and European Green Bonds (EuGB) under the EU Green Bond Regulation.
In May 2026, Linklaters also assisted TenneT Germany in establishing a €6 bn Commercial Paper Programme. The programme enables the issuance of short-term debt securities to institutional investors and broadens the company's financing options for ongoing liquidity management purposes including electronic commercial paper.
Under its Debt Issuance Programmer, TenneT Germany made its debut in the debt capital markets in July 2026, successfully placing its inaugural senior benchmark bond in the form of a €3.5 bn European Green Bond (EuGB) issuance. At the time of issuance, the transaction was the largest EuGB offering in the European corporate bond market.
Alexander Schlee, Partner in Linklaters' Capital Markets practice, said:
“With the Green Hybrid Bonds, TenneT Germany has added another important component to its capital markets funding strategy. The transaction also highlights the central role of capital markets in financing large-scale infrastructure and energy transition projects. The combination of commercial paper, senior bonds and hybrid capital with sustainability features creates a flexible and long-term financing framework for one of Europe’s largest infrastructure and grid expansion programmes.”
Linklaters advised TenneT Germany on the above transactions with a Capital Markets team led by Partner Alexander Schlee and Counsel Wolfgang Ettengruber. Other team members included Partner Martin Rojahn, Counsel Rowina Ullner, Managing Associate Catrin Retzmann and Associates Tabea Meißner, Tim Westenberger and Senior Transaction Lawyer Marlen Klepsch (all Capital Markets, Frankfurt).