(Bloomberg) -- The seller of Europe’s biggest-ever corporate green bond returned for more as it works toward a goal of turning climate-neutral by 2025. 

Dutch power firm TenneT Holding BV brought four green bonds to market across maturities ranging from six to 20 years on Wednesday, according to a person with knowledge of the sale, who asked not to be identified. It increased the deal size to €3 billion ($2.9 billion) from €2.5 billion after amassing more than €6 billion of investor orders.

It follows a €3.85 billion offering from the company in May, with proceeds from that deal used to fund greener electricity grids across Europe. Investors also threw cash at that sale, with bids reaching a hefty €8 billion.

Wednesday’s deal is a boost to the ethical debt market. The €262 billion of so-called ESG -- or environmental, social and governance -- debt issued in Europe’s common currency this year is trailing 2021’s equivalent volume by more than 20%, according to data compiled by Bloomberg.

In a presentation to investors, TenneT said it’s targeting a 25% reduction in the use of virgin copper and non-recyclable waste by 2025 and seeks to be climate neutral by the same year. Today’s sale termsheet says proceeds will be allocated “to a sub portfolio with the special purpose of financing, refinancing and/or investing in Eligible Green Projects.”

A company spokesman didn’t respond to a request for comment when contacted by Bloomberg.

TenneT cut between 15 and 25 basis points off the spreads on the notes, with pricing on its shortest tranche tightening to 75 basis points from an initial 100 basis-point area target. The final spread on those October 2028 maturity notes is still above the 60 basis-point spread it paid to sell notes due in 2029 in the summer, according to data compiled by Bloomberg.

Since then, spreads on euro-denominated, high-grade company bonds have surged amid widespread global market volatility triggered by concern about inflation and the impact it will have on economies. They’re now averaging 228 basis points, a leap from around 150 basis points in the summer.

(Updates with final deal terms in paragraph 2, additional pricing information in paragraph 7.)

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