Published by Global Banking and Finance Review
Posted on September 23, 2025
2 min readLast updated: January 21, 2026
TenneT aims to raise $11.81 billion from sovereign funds, with potential German investment in its German unit. The deal could be one of Europe's largest this year.
(Reuters) -State-owned Dutch power grid operator TenneT plans to raise up to 10 billion euros ($11.81 billion) via a private placement, the Financial Times reported on Tuesday.
The deal values the grid operator at about 40 billion euros, including existing debt, with the Dutch state retaining a stake of around 55%, the FT said, citing people with knowledge of the plans.
A deal could be announced as early as Wednesday, the newspaper added.
Norwegian sovereign wealth fund, managed by Norges Bank Investment Management (NBIM), a Dutch pension fund and an Asian sovereign fund are investors in the placement, which is expected to close in 2026, according to the report.
The German government is considering making an offer for 25% of TenneT's German unit, the newspaper said, adding that TenneT and the Dutch state would be open to German investment during upcoming negotiations, though no agreement has been reached.
TenneT and the Dutch Finance Ministry declined to comment, while NBIM did not immediately respond to a Reuters request for comment.
The Netherlands is set to decide this month whether it will sell a minority stake in the German arm of TenneT or pursue a partial IPO, marking what could be one of Europe's biggest deals in the year.
The Dutch government has embarked on a dual-track process for TenneT Germany after a partial sale to German state lender KfW failed to materialise last year.
TenneT Germany, the country's largest high-voltage power grid operator, manages a network of more than 14,000 kilometers.
($1 = 0.8465 euros)
(Reporting by Harshita Meenaktshi in Bengaluru; Editing by Mohammed Safi Shamsi)
TenneT plans to raise up to 10 billion euros, equivalent to $11.81 billion, through a private placement.
The deal values TenneT at about 40 billion euros, including existing debt, with the Dutch state retaining a stake of around 55%.
The funding is expected to attract investments from the Norwegian sovereign wealth fund, a Dutch pension fund, and an Asian sovereign fund.
The Dutch government is considering selling a minority stake in TenneT's German arm or pursuing a partial IPO, following a failed sale to KfW last year.
TenneT Germany is the country's largest high-voltage power grid operator, managing a network of over 14,000 kilometers.
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