TenneT Secures $11 B equity for German grid
Dutch grid operator TenneT agrees with APG, GIC and NBIM on equity investment to fund Germany’s high-voltage network expansion worth $46 B (€40 B).
Image for illustrative purposes
Germany: TenneT Holding has reached an agreement with three major institutional investors – APG, GIC and Norges Bank Investment Management (NBIM) – to provide equity funding for TenneT Germany.
The deal secures up to $11 B (€9.5 B) in new equity commitments, with funds to be contributed partly at closing and partly in the following years. It values TenneT Germany at about $46 B (€40 B) on a cash- and debt-free basis, giving the incoming investors a combined 46 % stake, while TenneT Holding retains around 54 %.
This funding will support the expansion of Germany’s high-voltage transmission grid, essential for connecting offshore wind and strengthening Europe’s electricity system. The agreement follows TenneT’s separation of its Dutch and German operations and a new financing structure announced earlier this year.
The equity injection is expected to complement TenneT Germany’s recent $14 B (€12 B) revolving credit facility, enabling the company to raise further debt financing for its capital expenditure programme.
Investors highlighted both the stability and strategic importance of the asset. APG described it as a low-risk, long-term infrastructure investment aligned with clean energy goals, while GIC and NBIM emphasised TenneT Germany’s role in Europe’s decarbonisation.
The German state has also signalled possible participation, with discussions planned with state development bank KfW.
Completion of the transaction, subject to regulatory approvals, is expected in the first half of 2026.
Source: Tennet
#APG#equity funding#Germany#GIC#high-voltage transmission grid#Norges Bank Investment Management#offshore wind#Tennet