TenneT secures $11.1B from APG, GIC and Norges to boost German grid expansion

In one of the most significant European energy transactions in recent years, Clifford Chance, Hengeler Mueller and De Brauw Blackstone Westbroek are advising on a €9.5 billion ($11.2 billion) deal that will see institutional investors APG, Norges Bank and GIC acquire a 46% stake in TenneT Germany. The deal provides the high-voltage grid operator with crucial equity to fund its ambitious expansion plans.

A strategic dual-track process

The transaction followed a dual-track process that had been under negotiation for several years, involving extensive cross-border structuring and regulatory analysis. TenneT, wholly owned by the Dutch state, had long been seeking a financing solution for its German subsidiary, which is responsible for operating a substantial portion of the country’s transmission grid. The investment will provide a much-needed injection of capital to support Germany’s energy transition and the build-out of renewable infrastructure.

The deal underscores the scale and complexity of financing Europe’s green energy shift. It required navigating sensitive issues of state ownership, infrastructure regulation and the involvement of global institutional investors. Hundreds of lawyers across multiple jurisdictions were engaged in the transaction, highlighting its legal and operational intricacy.

A turning point for energy infrastructure

For Germany, the deal marks a milestone in securing the capital required to modernize and expand its grid at a time of unprecedented demand for renewable integration. For the investors, it represents access to stable, long-term infrastructure returns in a market undergoing rapid transformation.

The success of the TenneT Germany transaction may serve as a model for future public-private partnerships in Europe’s energy sector, where governments must balance the need for sovereign control with the urgency of attracting private capital to meet climate goals.

Legal advisors on all sides

Clifford Chance advised the consortium of investors, bringing together its expertise in infrastructure, energy and cross-border finance. Hengeler Mueller acted for TenneT Germany, providing guidance on German corporate and regulatory law. De Brauw Blackstone Westbroek represented the Dutch state and TenneT Holding, drawing on its deep experience in public-sector transactions and energy regulation.

The three firms coordinated across jurisdictions to structure the equity investment, address competition and foreign investment review issues, and design governance frameworks suited to a partially privatized but strategically critical infrastructure operator.

• Clifford Chance advised the investor consortium. The lead partners in Germany are Dr. Anselm Raddatz (Corporate/Private Equity), Dr. Mathias Elspaß (Energy) and Dr. Dominik Heß (Corporate/M&A), all based in Düsseldorf.

• Hengeler Mueller acted for TenneT Germany. Its German lead partners are Hans-Jörg Ziegenhain (M&A, Munich) and Marika Öry (M&A, Frankfurt).

• De Brauw Blackstone Westbroek represented the Dutch state and TenneT Holding, drawing on its experience in public-sector transactions and energy regulation. (While De Brauw is based in the Netherlands, its role in advising state holdings and cross-border regulatory frameworks complements the German legal advise supplied by Hengeler Mueller.)