Aug 25, 2025
Norwegian consortium plans to bid for a share in TenneT's German branch.
A consortium comprising Norway's sovereign wealth fund and the Dutch pension fund APG is preparing to bid for a minority stake in TenneT's German division, according to Reuters, which cited the German newspaper Handelsblatt.
The Dutch government is expected to make a decision in September 2025 on whether to sell a minority stake in TenneT Germany or pursue a partial initial public offering (IPO).
If no agreement is reached, TenneT Germany is set to proceed with its listing plans and might issue a notice of intent to float within two days of the decision.
In May, TenneT began talks with investors about selling a minority share of its German operations, potentially leading to one of the largest deals in Europe in 2025.
The sale of new shares in TenneT Germany could raise up to €12 billion ($13.9 billion), although the final amount may depend on the size of the stake and agreed debt levels.
TenneT Germany, which has a regulated asset base valued at €27.8 billion ($31.1 billion) as of 2024, anticipates a 25% annual growth rate through 2029.
The German electricity grid requires significant investments to support the growth of renewable energy and the transition from fossil fuels.
In April 2025, TenneT announced a major financial restructuring to separate its operations in the Netherlands and Germany into two independent, financially distinct units.
This aims to meet the capital needs of its German division while establishing a strong financial foundation for both entities.
As part of the planned financial reorganization, the existing senior debt at the holding company will be allocated to TenneT Netherlands.
The Dutch government is expected to make a decision in September 2025 on whether to sell a minority stake in TenneT Germany or pursue a partial initial public offering (IPO).
If no agreement is reached, TenneT Germany is set to proceed with its listing plans and might issue a notice of intent to float within two days of the decision.
In May, TenneT began talks with investors about selling a minority share of its German operations, potentially leading to one of the largest deals in Europe in 2025.
The sale of new shares in TenneT Germany could raise up to €12 billion ($13.9 billion), although the final amount may depend on the size of the stake and agreed debt levels.
TenneT Germany, which has a regulated asset base valued at €27.8 billion ($31.1 billion) as of 2024, anticipates a 25% annual growth rate through 2029.
The German electricity grid requires significant investments to support the growth of renewable energy and the transition from fossil fuels.
In April 2025, TenneT announced a major financial restructuring to separate its operations in the Netherlands and Germany into two independent, financially distinct units.
This aims to meet the capital needs of its German division while establishing a strong financial foundation for both entities.
As part of the planned financial reorganization, the existing senior debt at the holding company will be allocated to TenneT Netherlands.