Berlin Looks to Acquire Minority Stake in TenneT Germany with Multi-Billion Plan

Germany has earmarked a budget ceiling of EUR 7.6 billion for the possible purchase of a minority stake in the German arm of transmission system operator (TSO) TenneT, subject to parliamentary approval.

Reuters reported on 12 November 2025 that Germany intends to spend over multiple years to acquire a stake in the unit, starting with €102 million in 2026, with the remainder planned for later years, according to a finance ministry document seen by the news agency.

In September 2025, TenneT Holding reached an agreement with APG, Norges Bank Investment Management, and GIC to invest a total of EUR 9.5 billion in the German TSO. The three institutional investors are set to acquire around 46 per cent of the shares.

TenneT confirmed that the German state has shown interest in a potential investment in TenneT Germany.

By 2034, TenneT plans to invest a total of EUR 200 billion in grid enhancements and expansion in the Netherlands and Germany. 

In October 2025, TenneT Germany started the commissioning of the 900 MW DolWin5 offshore grid connection system.

Ørsted’s Borkum Riffgrund 3 offshore wind farm, which features 83 Siemens Gamesa 11 MW turbines, will be connected to the DolWin5 grid connection.