Elenia issues EUR 500 million EU Green Bond

On 2 October Elenia was the first Nordic DSO to issue an inaugural EU green bond in accordance with the new European EU GB standard. The size of the bond, listed at Euronext Dublin, is EUR 500 million and it carries a coupon of 3.375% with the final maturity in June 2033. The proceeds from the bond will be partly allocated to projects in line with the EU taxonomy technical screening criteria for transmission and distribution of electricity while half of it was used to tendering the outstanding EUR 500 million bond due in February 2027 in accordance with maturity concentration limitations. The successful transaction supports Elenia’s investment program in modernizing its distribution network based on security of supply targets set by the Electricity Market Act and requirements of electrification of society. The Electricity Market Act states that power needs to be restored within six hours in zoned areas and within 36 hours in other areas by the end of 2036.

Prior to the issuance Elenia arranged together with its advisors a series of fixed income investor calls engaging with approximately 45 accounts across Europe. Following the virtual roadshow, demand for the bond was tremendous resulting in oversubscription of almost four times. Accordingly, the credit spread was tightened to 103 bps and no new issue concession was offered. Regionally, approximately 60% of the issue was allocated to Central and North European institutional investors.

In May 2025, Elenia was the first issuer in the Nordics to publish a green finance framework and the related factsheet aligned with both the EUGBS and ICMA Green Bond Principles. The factsheet received a Dark Green score from S&P Global Ratings, who acted as Second Party Opinion provider.

Elenia was advised by ABN AMRO, BNP Paribas, Danske Bank, SEB and SMBC.