The cabinet, together with TenneT, opts for the private placement of shares instead of an IPO. Both options have been thoroughly examined. A consideration has been made based on four criteria: financial implications for the Dutch state, a market-conform price, preservation of the contribution to Dutch public interests, and a workable governance structure for TenneT. TenneT and the state have jointly concluded that the private placement of shares is the best solution.
The investors have pledged to invest up to €9.5 billion. This fully meets the capital requirement and provides a buffer in case the investment agenda increases. This amount will be added to the value of the existing equity of TenneT Germany. Negotiations have taken place with the investors to determine the value of the existing equity, which amounts to €10.4 billion as of December 31, 2025. To calculate the total value of TenneT Germany, the debt must be added. The value of the equity of €10.4 billion corresponds to an enterprise value of approximately €40 billion.
Minister Heinen describes it as an important deal: “This addresses the challenge that TenneT Germany faces. The participation of private investors helps strengthen the energy networks in Europe. This is important in light of our energy security.”
TenneT Germany manages a large part of the German electricity grid on land and at sea. The company is a subsidiary of TenneT Holding, which is fully owned by the Dutch state. Due to a significant investment agenda for the energy transition, TenneT Germany has a substantial capital requirement. To address this, the cabinet decided last year to involve private investors. The Dutch state will remain the largest shareholder even after this investment.
