Norges Bank Investment Management [1] has entered into an agreement to invest 4.5 billion euro in the German electricity transmission system operator TenneT Germany and will with this investment reach a 21.8 percent shareholding in the company. The investment will contribute to expanding the electricity transmission grid in Germany.
Tennet Germany is part of the Dutch company Tennet Holding, which is wholly owned by the Dutch state.
The Dutch pension service provider APG and Singapore sovereign wealth fund GIC are also investing in the company alongside Norges Bank Investment Management. Combined, the three investors will inject 9.5 billion euro of new equity until 2029 and will collectively own 46 percent of the company. TenneT Germany is today fully owned by TenneT Holding, which again is fully owned by the Dutch state. TenneT Holding will remain a large shareholder in TenneT Germany.
"This investment demonstrates our commitment to finance the energy transition. We are excited to partner with TenneT Holding, APG and GIC to support the growth of TenneT Germany. TenneT Germany's transmission grid is essential for delivering renewable energy where it's needed in Europe's largest economy, " says Global Head of Energy and Infrastructure Harald von Heyden.
TenneT Germany operates Germany's largest electricity transmission system and plays a crucial role in the country's energy transition. The company operates approximately 14,000 kilometres of high-voltage transmission lines throughout Germany, from the North Sea to the Alps. The investments will facilitate transmission of predominantly renewable electricity to the key demand centres.
The agreement was signed on September 24, 2025, and is expected to be completed during the first half of 2026. The transaction values TenneT Germany at an enterprise value of approximately 40 billion euro as of 31 December 2025.
The investment aligns with Norges Bank Investment Management's strategy of investing in renewable energy infrastructure with a focus on long-term value creation.
Press contact:
Roar Wold
Lead Communication Advisor External Relations
Tel: +47 915 82 902
Email: press@nbim.no
[1] Norges Bank Investment Management is the fund management division of Norges Bank. All unlisted (or direct) investments in real estate and renewable energy infrastructure are made and managed by subsidiary structures set up by Norges Bank.