TenneT Holding has finalised major equity transactions for TenneT Germany, raising billions to fund the expansion of the country’s high-voltage electricity network.
The deal brings together a consortium of global institutional investors alongside the German government. Singapore’s sovereign wealth fund GIC, Norges Bank Investment Management, and Dutch pension fund investor APG completed their transaction on 30 June 2026. This was followed on 3 July 2026 by the closing of a deal with KfW, the state-owned investment bank acting on behalf of the German government.
Under the agreed terms, the investor consortium has committed up to 9.5 billion Euros in total equity, with 2.5 billion Euros injected at closing. Meanwhile, KfW has acquired a 25.1% stake in TenneT Germany for approximately € 3.3 billion. Over time, the consortium is expected to hold up to 46% of the company, KfW will maintain its 25.1% share, and TenneT Holding will retain 28.9%.
Manon van Beek, Chief Executive of TenneT Holding, described the completion as a pivotal moment that puts public-private partnership models into practice to drive the energy transition. She noted that the fresh capital provides long-term certainty for vital grid expansion and secures TenneT Germany’s access to debt capital markets.
The net proceeds from the German government’s stake purchase will allow TenneT to repay a portion of a shareholder loan provided by the Dutch state. TenneT Holding will remain a strategic shareholder, ensuring continued cross-border cooperation between the Dutch and German grid operations, particularly on the offshore 2-gigawatt wind program in the North Sea.
