TenneT Holding, a European grid operator, has reached an agreement with three large institutional investors in Europe regarding their investment in TenneT Germany.
APG, investing on behalf of Dutch pension fund ABP; Singapore’s sovereign wealth fund GIC; and Norges Bank Investment Management (NBIM) have pledged an aggregate €9.5 billion ($11 billion) to be contributed partly at initial close and partly in later years. The investment gives TenneT Germany an enterprise value of approximately €40 billion ($47 billion) on a cash and debt free basis.
With this backing, TenneT and its sole shareholder, the Dutch state, secured the equity requirement for the expansion of TenneT Germany’s high-voltage grid. The transaction is expected to deepen European integration in the energy market and strengthen the Dutch, German and European economies.
TenneT Netherlands and TenneT Germany will continue to cooperate on strategic areas such as the 2-gigawatt program, design
