De Brauw advises TenneT on securing EUR 9.5 billion equity funding for TenneT Germany

TenneT Holding, a leading European grid operator, has reached agreement with three large institutional investors in Europe regarding their investment in TenneT Germany: APG (investing on behalf of Dutch pension fund ABP), Singapore sovereign wealth fund GIC and Norges Bank Investment Management (NBIM). With this transaction TenneT and its sole shareholder the Dutch state secure the equity requirement for the expansion of TenneT Germany's high-voltage grid for the years to come.

The transaction values TenneT Germany at approximately EUR 40 billion on a cash and debt free basis, implying an EV / RAB multiple of 1.09, and a pre-money equity value of EUR 10.4 billion as of 31 December 2025. The incoming investors provide a primary equity commitment of up to EUR 9.5 billion in aggregate, to be contributed partly at initial close and partly in the years thereafter.

De Brauw advised TenneT together with Hengeler Mueller.