TenneT Holding has agreed with three institutional investors to secure equity for TenneT Germany, its high-voltage transmission business. The investors are APG, on behalf of Dutch pension fund ABP, Singapore sovereign wealth fund GIC, and Norges Bank Investment Management. The transaction will help TenneT and its sole shareholder, the Dutch state, fund the expansion of TenneT Germany’s grid over the coming years.
The planned investment includes up to €9.5 billion in primary equity, contributed partly at initial close and partly over the following years. TenneT Germany’s enterprise value is estimated at approximately €40 billion on a cash- and debt-free basis, implying an EV to regulated asset base multiple of 1.09, with a pre-money equity value of €10.4 billion as of 31 December 2025. Post-transaction, TenneT Holding is expected to retain around 54% ownership, with the investors holding 46%. The deal is designed to support a robust investment-grade financial position, facilitating debt financing for TenneT Germany’s capital expenditure programme.
TenneT said the transaction will deepen European energy market integration while strengthening the Dutch, German and wider European economies. TenneT Netherlands and Germany will continue cooperation on strategic initiatives, including the 2 GW offshore grid rollout programme, preserving operational synergies.
The transaction was concluded following a joint assessment by TenneT and the Dutch Ministry of Finance, which identified a private placement as the preferred approach. Completion remains subject to customary conditions, including regulatory approvals, and is expected in the first half of 2026.
TenneT also confirmed that the German state has expressed interest in potentially investing in TenneT Germany. Discussions with Kreditanstalt für Wiederaufbau (KfW) are planned to explore a possible investment alongside TenneT and the institutional investors.
This follows TenneT’s April announcement of a new funding structure, under which TenneT Netherlands and Germany will separately raise financing for their respective transmission businesses. As part of this, TenneT Germany signed a €12 billion revolving credit facility with BNP Paribas, Deutsche Bank, ING and UniCredit. The five-year facility, with two one-year extension options, is among the largest corporate RCFs in Europe.
