TenneT Germany invests a record €10 billion in Germany’s electricity grid infrastructure

TenneT Germany invests a record €10 billion in Germany’s electricity grid infrastructure

• Investments (HGB) increase by 47 percent to €10.05 billion
• Underlying EBIT rises by more than 40 percent to €1.57 billion
• Regulated Asset Base grows by 32 percent to €36.79 billion
• Long-term equity funding secured through announced investment of APG, GIC, NBIM and KfW

TenneT Germany invested a total of €10.05 billion in the expansion and modernisation of the German electricity transmission grid in the 2025 financial year – a record level. This underlines the company’s central role in safeguarding security of supply for Germany as an industrial and business location.

Underlying EBIT increased by 44.0 percent year-on-year to €1.57 billion (2024: €1.09 billion). The Regulated Asset Base (RAB) grew by 32.4 percent to €36.79 billion (2024: €27.83 billion). Underlying revenue amounted to €6.24 billion (+6.0 percent compared with 2024: €5.90 billion). These results reflect the strong momentum of the investment programme and TenneT Germany’s continued growth path.

Tim Meyerjürgens, CEO of TenneT Germany: “With our investment programme, we are driving forward grid expansion both onshore and offshore and are actively shaping the energy system of the future. Robust electricity grids are essential for security of supply, competitiveness and economic stability. The current geopolitical situation demonstrates how important it is to continue expanding renewable energy and grid infrastructure at pace. This is the only way to reduce our dependence on fossil energy imports and strengthen energy sovereignty in Germany and Europe.”

Long-term equity funding secured
In September 2025, TenneT Holding agreed on equity investments from Algemene Pensioen Groep (APG, on behalf of the Dutch pension fund ABP), GIC Private Limited (Singapore) and Norges Bank Investment Management (NBIM, Norway), which will provide up to €9.5 billion in equity for TenneT Germany. In February 2026, Kreditanstalt für Wiederaufbau (KfW), acting on behalf of the German Federal Government, followed and will acquire a 25.1 percent stake in TenneT Germany for €3.3 billion. With these transactions, the equity base for TenneT Germany’s investment programme is fully secured. Closing of the transactions remains subject to customary regulatory approvals and is expected in mid-2026.

Independent organisational and financing structure
Since 1 January 2025, TenneT Germany and TenneT Netherlands have operated as two nationally organised and independent entities. The Executive Board of TenneT Germany consists of Tim Meyerjürgens (CEO), Dr Markus Binder (CFO), Kathrin Günther (CTO) and Ina Kamps (COO).

In the future, TenneT Germany will act as an independent capital markets participant and finance its further growth independently. In this context, the company continued to develop its new financing structure during the past financial year and achieved several key milestones.

In October 2025, TenneT Germany successfully completed the syndication of a €12 billion revolving credit facility with a group of banks from Europe, Japan and the United States. In September 2025, the company also received an ESG rating of “B” from ISS ESG, placing it among the top ten percent globally in the utilities sector. With the completion of a Green Finance Framework in November 2025, TenneT Germany laid the foundation for sustainable capital market financing. In addition, the company launched a €35 billion Debt Issuance Programme in December 2025 to enable future bond issuances and further diversify its sources of financing.

Dr Markus Binder, CFO of TenneT Germany: “2025 was a successful year for TenneT Germany. The financing of our investment programme is built on a solid foundation – with strong equity investors and a clear financial policy. This creates the basis for a successful positioning in the debt capital markets as we finance our continued growth.”

Progress in grid expansion offshore and onshore
In 2025, TenneT Germany made significant progress in expanding the transmission grid as a key infrastructure project for industry and society, advancing major projects both onshore and offshore.

Two new offshore grid connection systems in the North Sea – BorWin5 and DolWin5 – were completed. Once fully commissioned, TenneT Germany will increase the transmission capacity for offshore wind energy in the German North Sea from eight to around ten gigawatts. With the scheduled award of the BalWin5 offshore grid connection system, the company achieved another important milestone in offshore grid expansion. With BalWin5, TenneT Germany is setting new efficiency standards and will make a significant contribution to reducing the cost per transmitted megawatt hour over the long term.

Onshore, TenneT Germany has also continued to drive grid expansion at a strong pace. With the DC connections SuedLink and SuedOstLink, two of the central infrastructure projects of the energy transition are now under construction in all seven participating federal states.

Outlook 2026
TenneT Germany will continue its growth in the 2026 financial year and remain firmly focused on investing in grid expansion. The company expects investments to increase by a low double-digit percentage compared to 2025. Due to the rising level of investment activity, TenneT Germany anticipates a further increase in its Regulated Asset Base (RAB). Underlying EBIT is forecast to grow in the mid double-digit percentage range.

Key Figures – Fiscal Year 2025

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. Its growth is driven by a rapidly evolving electricity demand that requires a flexible and growing grid architecture. TenneT Germany is part of TenneT Group, the European leader in cross-border grid development and pioneer in linking mainland Europe to one of the world’s largest renewable energy sources, the North Sea.
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