Germany Acquires 25.1% Stake in TenneT for €3.3 Billion

By Global Infrastructure Sherpa · Feb 4, 2026

Acquisition Transmission announced Germany Feb 4, 2026

USD3.3B

Deal Value

TenneT Holding has agreed to sell a 25.1% equity interest in TenneT Germany to the German State for approximately €3.3 billion. This transaction follows a recent commitment by three major institutional investors to acquire a stake in TenneT Germany for a total of €9.5 billion. The involvement of both private investors and the German government aims to structurally strengthen TenneT Germany's capital base, ensuring grid reinforcement in Germany and contributing to a robust European electricity system. The deal is subject to regulatory approval and is expected to be completed by the end of the first half of 2026.

Deal Analysis

The German State's acquisition of a 25.1% stake in TenneT Germany for €3.3 billion is a strategic move to bolster the country's electricity transmission infrastructure. This transaction, coupled with a prior commitment from institutional investors for a larger stake, signifies a concerted effort to strengthen TenneT Germany's capital base and ensure the reliability of the German and broader European electricity grid. The involvement of both state and private capital underscores the critical importance of grid reinforcement for Germany's energy transition and security. This deal is notable for its size, the involvement of the German government through KfW, and the participation of major institutional investors like Norges Bank Investment Management (NBIM) and GIC. The transaction highlights the growing demand for investment in transmission infrastructure to support the integration of renewable energy sources and enhance grid stability. The deal's expected completion by the first half of 2026 suggests a long-term commitment to upgrading Germany's energy infrastructure.

German State acquires 25.1% stake in TenneT Germany for €3.3 billion.
Deal follows a €9.5 billion commitment from institutional investors.
Involves key players like KfW, NBIM, and GIC.
Aims to strengthen TenneT Germany's capital base and grid infrastructure.

Market Context: The deal occurs within the context of increasing investment in European electricity transmission infrastructure, driven by the need to integrate renewable energy sources and ensure grid stability. Germany is a key market for such investments due to its ambitious energy transition goals.