In a landmark development for Europe’s energy sector, private investors are set to invest €9.5 billion in TenneT Germany, providing a structural solution to the company’s equity requirements amid its ambitious energy transition agenda.
The investment comes from APG (on behalf of Dutch pension fund ABP), the Norwegian sovereign investment fund Norges Bank Investment Management, and the Singaporean sovereign wealth fund GIC. Together, these investors are expected to acquire approximately 46% of TenneT Germany’s shares. The Dutch government, which wholly owns TenneT Holding, has indicated interest in acquiring a minority stake, while retaining the majority control of the company.
According to Finance Minister Heinen, the decision to proceed with a private placement of shares instead of a public IPO was made after careful evaluation of four criteria: financial impact on the Dutch state, market-based valuation, protection of Dutch public interests, and a sustainable governance framework for TenneT. Both TenneT and the government concluded that a private placement was the optimal route.
The investors’ commitment of €9.5 billion in equity fully meets TenneT Germany’s current capital requirements and provides a buffer for potential increases in the company’s investment agenda. As of December 31, 2025, the value of TenneT Germany’s existing equity is estimated at €10.4 billion, translating into an enterprise value of approximately €40 billion once debt is included.
Minister Heinen described the deal as “an important transaction,” emphasizing that private participation will help strengthen energy networks across Europe, enhancing energy security amid the ongoing transition toward renewable energy.
About TenneT Germany
TenneT Germany operates a substantial portion of the German onshore and offshore electricity grid and is a critical component of Europe’s energy infrastructure. As a subsidiary of TenneT Holding, which is fully state-owned, TenneT Germany faces a significant equity need due to its extensive investment plans aimed at facilitating the energy transition. The inclusion of private investors ensures that the company can maintain and expand its grid while keeping the Dutch state as the largest shareholder.
This move marks a pivotal step in European energy strategy, allowing TenneT Germany to accelerate grid modernization and reinforce energy security across Germany and the continent.
