Equity transactions with APG, GIC, NBIM and KfW mark completion of TenneT Germany’s new ownership structure

Equity transactions with APG, GIC, NBIM and KfW mark completion of TenneT Germany’s new ownership structure

• APG, GIC and NBIM commit equity of up to €9.5 billion
• KfW acquires a 25.1% stake in TenneT Germany and commits equity of up to €2.3 billion
• TenneT Holding to remain shareholder with 28.9% stake
• TenneT Germany's foreseen equity funding needs are secured
• TenneT Germany is ready to enter debt capital markets in 2026

TenneT Germany’s new long-term ownership structure has been established successfully, following the completion of the equity transactions with its new shareholders. The transaction with APG (on behalf of Dutch pension fund ABP), Singapore's sovereign wealth fund GIC and Norges Bank Investment Management (NBIM) closed on 30 June 2026. The transaction with Kreditanstalt für Wiederaufbau (KfW), acting on behalf of the German government, was closed on 3 July 2026.

Following the successful closing, TenneT Germany is well positioned to continue its operations as an independent company. Backed by its new shareholder base, TenneT Germany plans to invest on average around €13 billion per year from 2026 through 2030 to expand and modernize Germany's electricity transmission grid. With a standalone financing structure now in place, TenneT Germany plans, subject to market conditions, to enter the debt capital markets in 2026.

Tim Meyerjürgens, CEO of TenneT Germany, said: "Today's closing marks the beginning of a new chapter for TenneT Germany as a standalone company. A resilient and competitive Europe requires a modern electricity grid and sustained investment over many years. With committed shareholders and a robust financing structure, we are well positioned to deliver on our responsibility as a key enabler of the energy transition. Our planned entry into the debt capital markets this year will be essential for executing one of Europe's largest grid expansion programs."

APG, GIC and NBIM have committed equity of up to €9.5 billion in aggregate. The commitment comprises an initial equity contribution and capital increase of €2.5 billion at closing, which was executed as planned, with the remaining capital to be provided over the funding period (ending 2029). KfW has acquired a 25.1% stake in TenneT Germany for approximately €3.3 billion and will participate in subsequent equity injections with up to approximately €2.3 billion to maintain its 25.1% stake. In the target shareholding structure, APG, GIC and NBIM are expected to hold up to 46% in aggregate, while KfW will hold 25.1% and TenneT Holding will hold 28.9% of TenneT Germany.

TenneT Holding remains a committed partner to TenneT Germany. TenneT Netherlands and TenneT Germany will continue to cooperate on strategic areas, including the offshore 2GW Program as part of the development of offshore grid infrastructure connecting wind farms in the North Sea to the electricity grid in Europe.

Press Contact
Maria-Elena Richter
+49 151 217 84235
maria-elena.richter@tennet.eu

About TenneT Germany
TenneT Germany is the largest transmission system operator in Germany. The company operates critical infrastructure that secures access to a reliable, sustainable and affordable electricity supply. TenneT Germany is one of the largest investors in electricity grids on land and at sea in Germany. Located at the Northwest European energy crossroads, TenneT Germany connects: North and South. Offshore and Onshore. Germany and Europe. With its more than 5,000 employees, the company builds, maintains and operates Germany's largest transmission grid with a length over 14,700 km connecting more than a third of the European Union’s total offshore wind capacity. The connection of the North Sea as one of the world’s largest renewable energy sources plays a central role in this. The company’s growth is driven by a rapidly evolving electricity demand that requires a flexible and growing grid architecture.
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