TenneT has agreed a €9.5bn equity commitment with three institutional investors to support the expansion of its German transmission network.
The deal, announced by TenneT Holding, brings in Dutch pension investor APG, Singapore’s GIC and Norges Bank Investment Management. The transaction values TenneT Germany at around €40bn on a cash and debt free basis, with a pre-money equity value of €10.4bn as of December 2025.
Once completed, TenneT Holding will retain about 54% of TenneT Germany, with the investors taking a combined 46% stake. Completion is expected in the first half of 2026 subject to regulatory clearances.
CEO Manon van Beek said: “We are truly pleased to have achieved a structural solution for TenneT Germany’s equity need and I eagerly look forward to partnering with these highly reputable investors. With this financing solution, TenneT remains Europe’s leading cross-border TSO.”
The German state has expressed interest in a potential investment via KfW, and TenneT said discussions would take place in the coming period.
Investor representatives said the deal combined long-term stable returns with the opportunity to back Europe’s energy transition. APG CEO Ronald Wuijster said the stake aligned with “impact investment which supports Sustainable Development Goal 7 (Affordable and Clean Energy) and strengthens Europe’s infrastructure autonomy”.
Boon Chin Hau, chief investment officer for infrastructure at GIC, said the fund was confident that “with Germany’s collaborative and transparent approach to regulation, TenneT Germany will continue to play an important role in Europe’s continued, strong push towards decarbonisation”.
NBIM’s global head of energy and infrastructure Harald von Heyden added: “TenneT Germany’s transmission grid is essential for delivering renewable energy where it’s needed in Europe’s largest economy.”
TenneT said the move followed the separation of its Dutch and German operations and the signing of a €12bn revolving credit facility earlier this year.