E1/95. Green Evaluation TenneT Holding B.V. Green Bonds. Transaction Overview. Green Evaluation Overview. Overall Score. Transparency.
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1 Green Evaluation TenneT Holding B.V. Green Bonds Transaction Overview TenneT Holding B.V. (TenneT) is a transmission system operator (TSO) headquartered in the Netherlands. On June 12, 2017, TenneT issued 1 billion of labelled green bonds under their existing green bond program. It is a dual tranche financing of 500 million per tranche with maturities of eight years (coupon 0.75%) and 12 years (coupon 1.375%). Entity: ICB subsector: Location (HQ): Financing value: TenneT Holding B.V. Renewable Energy Equipment The Netherlands 1 billion Amount evaluated: 100% Evaluation date: August 25, 2017 Contact: Jessica Williams +44 (0) jessica.williams@spglobal.com Green Evaluation Overview Transparency Use of proceeds reporting Reporting comprehensiveness E1 E2 Overall Score E1/95 Governance Management of proceeds Impact Assessment Structure 97 0 E3 E4 Weighted aggregate of three (Transparency + Governance + Mitigation) Mitigation Sector Net Benefit Ranking Hierarchy adjustment Green Energy Offshore Wind Generation Carbon Adaptation 95 NA
2 Project Description The bonds issued on June 12, 2017 are part of TenneT s 8 billion medium term note programme. The bonds were issued by TenneT Holding B.V., the group holding company, with no operations and full dependence on its operating subsidiaries for the funds with which it meets its financial obligations. The proceeds are allocated to projects within the regulated portion of the business, specifically within TenneT s offshore transmission subsidiary, TenneT Offshore GmbH. The June 12, 2017 Green Bond issuance will be used for further expenses related to offshore wind interconnection projects that have already been part of the portfolio of assets financed by previous green bonds. These consist of the following projects: DolWin1, DolWin2, DolWin3, BorWin3, SylWin1 and BorWin2. BorWin1 and HelWin1 were added to this portfolio more recently. These projects connect offshore wind projects in the German part of the North Sea to German grid infrastructure onshore and as such we have used offshore wind as a proxy for this project under our analytical approach. The German government is planning to construct offshore wind farms with a total capacity of 6.5 GW, and TenneT is playing a key role in connecting these to the grid by TenneT was the first non-financial company in the Netherlands to issue green bonds and has issued a total of 5 billion of green bonds including the financing assessed here. TenneT also holds the record as the largest corporate issuer of green debt in the Netherlands. Over the next 10 years TenneT s investments in offshore wind energy projects across the Netherlands and Germany are expected to total 9 to 11 billion. As well as aiming to enhance the usability of sustainable energy TenneT has clear aims to ensure the physical impact of its projects are minimized through comprehensive environmental impact assessments and low-impact construction methods such as softstart procedures and noise reducing technologies. On top of this all contractor ships installing undersea transmission cable must attain certification to prove that they do not discharge effluent into the sea. Scoring Summary The transaction receives our highest score of E1. This reflects excellent scores in Transparency (96) and Governance (97) as well as a very strong Environmental Impact score (95). Rationale All proceeds finance transmission lines connecting offshore wind projects to the German grid, thus displacing nonrenewable electricity or reducing the need for additional fossil fuel generation to support additional energy demand. We have therefore evaluated the transmission line as a renewable energy technology under our methodology. TenneT has ensured very strong scores in both Governance and Transparency via a robust green bond framework and clear green bond annual reporting, as well as appropriate segregation of funds. Key Strengths And Weaknesses The funds will be used to construct dedicated transmissions infrastructure for German offshore wind assets and are essential for the utilization of the energy produced. We therefore look at this infrastructure in the same way that we look at offshore wind technologies under our approach because we use offshore wind as a proxy. In addition, these particular assets are dedicated unidirectional lines bringing only offshore wind to the grid. The German grid has average carbon intensity when compared to grids globally. This influences our view of how much carbon the transported wind energy will displace in the Net Benefit Ranking. If the assets were located in countries with less carbon intensive grids we would assume that the energy transported would displace comparatively fewer emissions. Offshore wind is a technology with a comparatively high capacity factor when compared to onshore and solar technologies and this further explains the high Net Benefit Ranking. S&P Global Ratings views renewable energy technologies as providing the highest level of decarbonization potential. For this reason the Net Benefit Ranking of 79 is positively adjusted upwards to 95. TenneT has a good reputation for governance and transparency in their transactions. Its clear procedures, from the evaluation and selection process whereby potential projects are approved by the Corporate Social Responsibility (CSR) Board, to its detailed annual green finance reports which contain numerous financial and environmental indicator metrics, are reflected in the very S&P Global Ratings Green Evaluation 2
3 high scores on S&P Global Ratings scale. The metrics include but are not limited to: transported energy (GWh), grid availability %, average interruptions (hours), number of houses with access to wind power and actual potential avoidance of CO2 emissions (based on operational capacity, in millions of tonnes). TenneT calculates its avoided emissions figures based the average carbon intensity of fossil fuel plants which is 809g/KWh by TenneT s calculations, the quantity of energy transported is then combined with this intensity figure to calculate avoided emissions by project. This is a very similar method to the one that we have employed by using offshore wind as a proxy. Other aspects that were positively analyzed were the use of separate sub-accounts for green bond proceeds, which is important for a company such as TenneT who provides transmission to a variety of energy sources not just offshore wind, and the independent assurance of both the allocation of green bond proceeds and the sustainable performance of the projects financed. TenneT has also carried out life cycle greenhouse gas analysis on its DolWin1 project which it has disclosed the results of in its green finance report. This is viewed as positive under our transparency and governance scoring approach. Project level scores Sector Location Project Use of Proceeds ( Mil.) Use of Proceeds treatment Green Energy Germany Offshore Wind 1, Actual 79 1, Net Benefit Ranking S&P Global Ratings Green Evaluation 3
4 Green Evaluation Process Transparency Governance Mitigation (Transparency + Governance + Mitigation) Overall score Weighted aggregate of three E1/95 Technology Baseline carbon intensity Net Benefit Ranking Carbon hierarchy adjustment Environmental Impact Score Proceeds ( Mil.) Germany Extremely High Low Wind power 79 Systemic decarbonization Solar power Small hydro Large hydro (excluding tropical areas) Energy management and control Increasing Decarbonization Impact Green transport without fossil fuel combustion Green buildings new build Energy efficiency (industrial and appliance efficiencies) Green transport with fossil fuel combustion Green buildings refurbishment Nuclear Large hydro in tropical areas Significant decarbonization in sectors already aligned with a green economy Alleviating emissions of existing carbonintense industries Decarbonization technologies with significant environmental hazards Coal to natural gas Cleaner fuel production Cleaner use of coal Improvement of fossil-fueled activities environmental efficiency Technology Baseline water stress Net Benefit Ranking Water hierarchy adjustment Environmental Impact Score Proceeds ( Mil.) Water Scores may vary slightly from the actual due to rounding. S&P Global Ratings Green Evaluation 4
5 Our Green Evaluation Approach Weighted aggregate of three: Transparency Governance Mitigation or Adaptation Common approach used amongst second opinion providers Green Evaluation Unique to S&P Global Ratings Transparency Use of proceeds reporting Reporting comprehensiveness Governance -Management - of proceeds -Impact - Assessment Structure Mitigation Buildings, industrial efficiencies, energy infrastructure, transport, and water Adaptation Resilience capex such as flood defenses, asset protection etc. Net Benefit Ranking ekpi s: Carbon, Waste, Water Use Hierarchy Applied Cost Benefit Ranking Resilience benefit ratio: Estimate of reduction in damages if event occurs Environmental Impact Resilience Level Mitigation Score Adaptation Score Final Green Evaluation (E1 - E4 or R1 - R4) ekpi Environmental Key Performance Indicator S&P Global Ratings Green Evaluation 5
6 Standard & Poor's Financial Services LLC or its affiliates (collectively, S&P) receives compensation for the provision of the Green Evaluation product (Product). S&P may also receive compensation for rating the transactions covered by the Product or for rating the issuer of the transactions covered by the Product. The purchaser of the Product may be the issuer or a third party. The Product is not a credit rating. The Product does not consider state or imply the likelihood of completion of any projects covered by a given financing, or the completion of a proposed financing. The Product provides a relative ranking evaluation of the estimated environmental benefit of a given financing. The Product is a point in time assessment reflecting the information available at the time that the Product was created and published. S&P's credit ratings, opinions, analyses, rating acknowledgment decisions, any views reflected in the Product and the output of the Product are not investment advice, recommendations regarding credit decisions, recommendations to purchase, hold, or sell any securities or to make any investment decisions, an offer to buy or sell or the solicitation of an offer to buy or sell any security, endorsements of the suitability of any security, endorsements of the accuracy of any data or conclusions provided in the Product, or independent verification of any information relied upon in the credit rating process. The Product and any associated presentations do not take into account any user s financial objectives, financial situation, needs or means, and should not be relied upon by users for making any investment decisions. The output of the Product is not a substitute for a user s independent judgment and expertise. The output of the Product is not professional financial, tax or legal advice, and users should obtain independent, professional advice as it is determined necessary by users. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. S&P and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Product. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for reliance of use of information in the Product, or for the security or maintenance of any information transmitted via the Internet, or for the accuracy of the information in the Product. The Product is provided on an AS IS basis. S&P PARTIES MAKE NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, INCLUDED BUT NOT LIMITED TO, THE ACCURACY, RESULTS, TIMLINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE WITH RESPECT TO THE PRODUCT, OR FOR THE SECURITY OF THE WEBSITE FROM WHICH THE PRODUCT IS ACCESSED. S&P Parties have no responsibility to maintain or update the Product or to supply any corrections, updates or releases in connection therewith. S&P Parties have no liability for the accuracy, timeliness, reliability, performance, continued availability, completeness or delays, omissions, or interruptions in the delivery of the Product. To the extent permitted by law, in no event shall the S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence, loss of data, cost of substitute materials, cost of capital, or claims of any third party) in connection with any use of the Product even if advised of the possibility of such damages. S&P maintains a separation between commercial and analytic activities. S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain nonpublic information received in connection with each analytical process. Copyright 2017 by Standard & Poor s Financial Services LLC. All rights reserved. spglobal.com/ratings 0817
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