News item | 24-09-2025 | 12:00
Pension provider APG (action on behalf of Pensioenfonds ABP), the Norwegian government investment fund Norges Bank Investment Management and the Singaporean state investment fund GIC will invest a total of up to € 9.5 billion in Tennet Germany. The three parties obtain approximately 46% of the shares. This means there is a structural solution for the capital needs of TenneT Germany, Minister Heinen (Finance) reports in a letter to the Lower and Senate. It also states that the German state is interested in a minority interest in Tennet Germany.
The cabinet, together with TenneT, opts for the private issue of shares instead of an IPO. Both options have been thoroughly investigated. A decision was made on the basis of four criteria: financial consequences for the Dutch state, a market price, maintaining the contribution to Dutch public interests and a workable governance structure for Tennet. Tennet and the State jointly concluded that the private issue of shares is the best solution.
The investors have promised to deposit to € 9.5 billion. This fully fills in the capital needs and a buffer is in case the investment agenda is increasing. This amount is added to the value of the existing equity of TenneT Germany. The investors have been negotiated to determine the value of the existing equity. This concerns € 10.4 billion as of 31 December 2025. To calculate the total value of TenneT Germany, the debt must be added to this. The value of equity of € 10.4 billion is equal to a business value of around € 40 billion.
Minister Heinen speaks of an important deal: “This gives substance to the task that Tennet Germany stands for. The participation of private investors helps to enhance the strengthening of energy networks in Europe. This is important in the light of our energy breach.”
Tennet Germany manages a large part of the German electricity grid on land and at sea. The company is a subsidiary of TenneT Holding, which is entirely in the hands of the Dutch state. As a result of a large investment agenda for the energy transition, Tennet Germany has a large capital need. To provide for this, the cabinet decided last year to participate in private investors. The Dutch state remains the largest shareholder even after this investment.