TenneT, the Dutch-German electricity transmission system operator, has announced a landmark partnership with three major institutional investors -- APG (on behalf of Dutch pension fund ABP), Singapore's sovereign wealth fund GIC, and Norges Bank Investment Management (NBIM) -- to support the long-term expansion of TenneT Germany's high-voltage electricity grid.

The agreement aims to secure essential equity funding for Germany's energy infrastructure as it transitions toward a more sustainable, electrified future. This move supports Europe's climate targets and energy independence by enabling the large-scale integration of renewable energy into the grid.

The transaction includes an equity commitment of up to €9.5 billion, with investors taking a 46% stake in TenneT Germany, while TenneT Holding, owned by the Dutch state, retains approximately 54%. The deal values TenneT Germany at around €40 billion.

Manon van Beek, CEO of TenneT Holding, called the agreement a "structural solution" for Germany's grid expansion needs, emphasizing the strategic role of trusted, long-term partners in delivering a stable and secure electricity supply.

The partnership is expected to strengthen cross-border energy cooperation and accelerate the rollout of large-scale projects, including offshore wind infrastructure under the 2GW programme.

Completion is subject to regulatory approvals and is anticipated in the first half of 2026. Discussions are also ongoing with the German state-owned development bank KfW for potential participation.