Germany has solidified its influence over critical energy infrastructure by acquiring a minority stake in local utility EnBW's high-voltage subsidiary, TransnetBW, as part of the nation's efforts to expedite its energy transition, the company announced on Friday.
The state lender KfW has purchased a 24.95% stake in EnBW's TransnetBW, a move that has been in the works for an extended period. This transaction further deepens the government's involvement in the energy sector, complementing its existing 20% stake in the rival network, 50Hertz.
EnBW had previously sold a 24.95% stake in TransnetBW earlier in the year to a consortium led by savings banks for approximately 1 billion euros ($1.1 billion). The group confirmed that KfW's acquisition mirrors the terms of the earlier sale, though specific details were not disclosed, and KfW declined to comment on the purchase price.
EnBW's finance chief, Thomas Kusterer, expressed satisfaction with the deal, stating, “We are delighted to welcome two long-term oriented and reliable co-investors on board at TransnetBW. This provides EnBW with additional funding for growth investments to accelerate the implementation of the energy transition in Germany.”
The move aligns with Germany's strategy to enhance its ownership in the power transmission sector, considered vital for the country's energy security. Berlin is concurrently pursuing the acquisition of the German division of Dutch operator TenneT for a sum exceeding 20 billion euros, further underscoring the nation's commitment to shaping its energy landscape.