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.
