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TenneT Holding announced Wednesday it will sell a 46% stake in its German transmission subsidiary, TenneT Germany, to a powerhouse trio of institutional investors, unlocking up to €9.5 billion ($11.2 billion) to supercharge the expansion of Germany’s high-voltage grid.

The state-backed Dutch grid operator, advised by De Brauw Blackstone Westbroek and Hengeler Mueller, secured commitments from APG, acting for the ABP pension fund, Singapore’s sovereign wealth fund GIC, and Norway’s Norges Bank Investment Management (NBIM).

Strategic Equity Injection for Energy Transition

The investment group will funnel €9.5 billion into TenneT Germany—some at closing, the rest phased through 2029. Completion is expected by the first half of 2026, pending regulatory greenlights. TenneT will maintain a controlling 54% stake in the business.

Chief executive Manon van Beek called the deal a structural fix to Germany’s equity needs:

“With this financing solution, TenneT remains Europe’s leading cross-border transmission operator, at the forefront of system integration, offshore wind connections and market innovation.”

TenneT also revealed ongoing talks with Kreditanstalt für Wiederaufbau (KfW), Germany’s state-owned development bank, for a potential parallel investment. Such a move could expand the shareholder base while deepening alignment with Germany’s public energy objectives.

Background: Independent Financing Push

The stake sale marks a follow-up to TenneT Germany’s April move, when it secured a massive €12 billion revolving credit facility from BNP Paribas, Deutsche Bank, ING, and UniCredit.

Investors view the deal as both financially sound and mission-critical.

• APG CEO Ronald Wuijster called it a “relatively low-risk investment” ensuring steady long-term returns for Dutch pensions.

• Boon Chin Hau, GIC’s CIO for infrastructure, said the sovereign fund was confident Germany’s regulatory approach would foster “the next phase of TenneT Germany’s growth.”

• Harald von Heyden, NBIM’s global head of energy and infrastructure, underscored the fund’s commitment: “This investment demonstrates our dedication to financing the energy transition.”

Advisory Teams

TenneT was financially guided by ABN AMRO and Lazard, while the investor consortium turned to RBC Capital Markets. Counsel deal team details were not immediately disclosed.