TenneT Holding has finalized an agreement with Kreditanstalt für Wiederaufbau (KfW) to sell a 25.1% equity interest in TenneT Germany for approximately EUR 3.3 billion.
This deal was reached four months after three major institutional investors pledged a stake acquisition for a significant financial boost.
In September 2025, it was reported that Dutch pension asset manager APG, on behalf of pension fund ABP, Norway’s sovereign fund manager Norges Bank Investment Management (NBIM), and Singapore sovereign wealth fund GIC agreed to invest EUR 9.5 billion in the German transmission system operator. This transaction awaits regulatory approval for completion.
The transaction with the German State is also subject to regulatory approval and is expected to conclude by mid-2026.
TenneT Holding announced on February 3 that involving both private investors and the German government strengthens TenneT Germany’s capital base, ensuring grid reinforcement in Germany and supporting a resilient European electricity system.
The collaboration between TenneT Netherlands and TenneT Germany will retain synergy benefits, as both entities develop infrastructure connecting North Sea wind farms to Europe’s electricity grid.
Through KfW’s direct share purchase, TenneT will repay about EUR 3.3 billion on the Dutch State’s shareholder loan, as per the holding company.
The expected equity value after the initial capital injection by the institutional investors is approximately EUR 13.3 billion at closing. The German State will buy shares based on this valuation.
Upon closing, KfW will acquire a 25.1% stake for around EUR 3.3 billion, aligned with the share value post-capital injection by the investors. This acquisition will involve the sale of TenneT Holding’s shares in TenneT Germany.
The German State will join follow-up payments by investors to sustain TenneT Germany’s capital needs, ensuring its stake remains undiluted. The institutional investors aim to gradually obtain a 46% stake, reducing TenneT Holding’s stake to 28.9% over time.
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Original Story at www.offshorewind.biz