Gasunie has successfully issued its first green bond, a loan of €300 million with a maturity of 9.5 years.
There was a great deal of interest from the market; enrollment was oversubscribed more than five times. Gasunie wants to use the proceeds to finance part of its ambitious energy transition projects, such as the construction of the national hydrogen network. Gasunie is the first main gas transmission system operator in the eurozone to issue a green bond.
Gasunie currently expects to invest more than €2030.5 billion up to and including 5 in new infrastructure for the transport and storage of ‘sustainable’ gases, such as hydrogen and captured carbon, heat and green gas. Subsidies and Gasunie’s equity will cover part of the financing requirement. For the remainder, Gasunie wants to issue green bonds on a regular basis in the coming years.
The first projects from Gasunie’s energy transition strategy are now entering the implementation phase.
Janneke Hermes, CFO and acting CEO of Gasunie, says: ‘In our opinion, green financing is also part of making green investments. In recent years, we have made several financing instruments greener by linking them to sustainability goals. Now that many of the energy transition projects we do on our own or with partners are materializing, it’s time for the next step. I am very pleased with the investors who have shown so much interest and who have made this transaction a success. I see this result as a sign of confidence in our financing strategy.’
The proceeds of a green bond may only be spent on ‘green’ spending purposes, which the company must keep in a special register. The Gasunie green bond is in line with the Green Financing Framework, which Gasunie published this month.
This Framework complies with the ICMA Green Bond Principles and the European Green Bond Standard adopted in October 2023. The Framework has also been found to be in line with the criteria of the recently adopted European Green Bond Standard.