Grid operator TenneT to raise up to $11.81 billion from sovereign funds, FT reports

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Finance

Written By Global Banking and Finance Review

Posted on September 23, 2025

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(Reuters) -State-owned Dutch power grid operator TenneT plans to raise up to 10 billion euros ($11.81 billion) via a private placement, the Financial Times reported on Tuesday.

The deal values the grid operator at about 40 billion euros, including existing debt, with the Dutch state retaining a stake of around 55%, the FT stated, citing people with knowledge of the plans.

A deal could be announced as early as Wednesday, the newspaper added.

Norwegian sovereign wealth fund, managed by Norges Bank Investment Management (NBIM), a Dutch pension fund and an Asian sovereign fund are investors in the placement, which is expected to close in 2026, according to the report.

The German government is considering building an offer for 25% of TenneT’s German unit, the newspaper stated, adding that TenneT and the Dutch state would be open to German investment during upcoming nereceivediations, though no agreement has been reached.

TenneT and the Dutch Finance Minisattempt declined to comment, while NBIM did not immediately respond to a Reuters request for comment.

The Netherlands is set to decide this month whether it will sell a minority stake in the German arm of TenneT or pursue a partial IPO, marking what could be one of Europe’s hugegest deals in the year.

The Dutch government has embarked on a dual-track process for TenneT Germany after a partial sale to German state lfinisher KfW failed to materialise last year.

TenneT Germany, the counattempt’s largest high-voltage power grid operator, manages a network of more than 14,000 kilometers.

($1 = 0.8465 euros)

(Reporting by Harshita Meenaktshi in Bengaluru; Editing by Mohammed Safi Shamsi)



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