TenneT Holding has reached an agreement to sell a 25% equity interest in TenneT Germany to the German state for about €3 billion.
The investment, managed by KfW on behalf of the Berlin government, strengthens TenneT Germany’s financial position as owner of strategic infrastructure in Germany, the company said.
TenneT Holding added that the move follows the previously announced €9.5 billion commitment from institutional investors APG, GIC and NBIM.
“We warmly welcome the German state as a shareholder in TenneT Germany through KfW,” said Manon van Beek, TenneT’s chief executive.
“The German state represents one of the most important stakeholders for TenneT in Germany. This co-shareholding creates valuable additional involvement, with a particular focus on the increasing investment agenda and the new geopolitical reality. TenneT remains committed to ensuring a reliable, sustainable and affordable electricity supply.”
The involvement of private investors and the German government structurally strengthens TenneT Germany’s capital base and provides certainty for necessary grid reinforcement in Germany.
TenneT Holding will retain at least 28.9% of TenneT Germany, ensuring full involvement in key decisions while preserving most synergies with TenneT Netherlands.
Through the share purchase by KfW, TenneT will repay about €3.3 billion on the shareholder loan from the Dutch state.
Completion of the transaction is subject to customary closing conditions, including regulatory approval, and is expected by the end of the first half of 2026.
The expected equity value after the initial capital injection from the three institutional investors is about €13.3 billion at closing.
The German state will buy shares on the same valuation basis as the transaction announced in September 2025 and will participate in follow-up payments to maintain its 25.1% stake.
The three institutional investors aim to gradually acquire 46% of TenneT Germany, with TenneT Holding expected to be diluted over time to 28.9%.