TenneT Holding has reached an agreement with Kreditanstalt für Wiederaufbau (KfW), acting on behalf of the German government, on the sale of a 25.1% stake in TenneT Germany for approx. EUR 3.3 billion. This investment strengthens the financial position of TenneT Germany as the owner of strategic infrastructure in Germany. This transaction follows up on the previously announced equity commitment of EUR 9.5 billion of the three large institutional investors APG, GIC and NBIM.
Manon van Beek: 'We warmly welcome the German state via KfW as a shareholder in TenneT Germany. The German state represents one of the most important stakeholders for TenneT in Germany. This co-shareholding creates valuable additional involvement, with particular attention to the increasing investment agenda and the new geopolitical reality. TenneT remains committed to ensuring a reliable, sustainable and affordable electricity supply.'
The involvement of both private investors and the German government structurally strengthens TenneT Germany's capital base. This provides certainty for the necessary grid reinforcement in Germany and contributes to a robust and resilient European electricity system.
TenneT Holding will retain at least 28.9% of the shares in TenneT Germany. This gives TenneT Holding full participation in all important decisions. The synergy benefits of the collaboration between TenneT Netherlands and TenneT Germany will largely be retained, as both companies are jointly developing infrastructure that connects wind farms in the North Sea to the electricity grid in Europe.
The direct purchase of shares by KfW will enable TenneT to repay approx. EUR 3.3 billion of the shareholders loan from the Dutch state. Completion of the transaction is subject to customary conditions, including regulatory approval, and is expected to take place at the end of the first half of 2026. Key terms of the proposed transaction are:
• The expected equity value after the initial capital contribution by the three institutional investors is approx. EUR 13.3 billion at the time of closing of the transaction;
The German state will purchase shares at the same valuation basis as applied in the previous transaction announced in September 2025 with the three institutional investors;
• At closing, KfW will acquire a 25.1% stake for approx. EUR 3.3 billion, using the same equity value following the first capital contribution from the three institutional investors. This acquisition will take place through the sale of shares held by TenneT Holding in TenneT Germany. The German state will participate in subsequent capital contributions made by the three institutional investors to fulfill TenneT Germany's equity need over time and maintain its 25.1% stake. The three institutional investors are envisaged to obtain a 46% stake in TenneT Germany over time and TenneT Holding is expected to dilute to a 28.9% stake over time.
TenneT is advised on the transaction by ABN AMRO Bank and Lazard as financial advisors and by De Brauw Blackstone Westbroek and Hengeler Mueller as legal advisors. KfW is advised on the transaction by Citi as financial advisor and by CMS as legal advisor.
Source: TenneT
