Dutch-German transmission operator TenneT has reached a €9.5 billion equity agreement with three institutional investors to support the continued expansion of its electricity grid in Germany, the company said on Tuesday.
The deal brings in Dutch pension fund APG, Singapore’s sovereign wealth fund GIC, and Norway’s Norges Bank Investment Management (NBIM), giving the investors a combined 46% stake in TenneT Germany. TenneT Holding will retain a 54% majority interest.
The transaction, which values TenneT Germany at approximately €40 billion on a cash and debt-free basis, is expected to close in the first half of 2026, subject to regulatory approvals. The pre-money equity valuation stands at €10.4 billion as of December 2025.
“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,” said Manon van Beek, CEO of TenneT Holding. “With this financing solution, TenneT remains Europe’s leading cross-border TSO.”
The German government has expressed interest in a potential future investment via state-owned bank KfW, with discussions expected to take place in the coming months, the company added.
The new investors said the transaction aligns with their long-term infrastructure strategies and supports Europe’s energy transition goals.
“This investment aligns with impact investment which supports Sustainable Development Goal 7 (Affordable and Clean Energy) and strengthens Europe’s infrastructure autonomy,” said APG CEO Ronald Wuijster.
GIC’s infrastructure chief investment officer Boon Chin Hau added: “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.”
Harald von Heyden, global head of energy and infrastructure at NBIM, said: “TenneT Germany’s transmission grid is essential for delivering renewable energy where it’s needed in Europe’s largest economy.”
The equity deal follows the formal separation of TenneT’s Dutch and German operations and comes after the company signed a €12 billion revolving credit facility earlier in 2025.
