Germany buying stake in German branch of Dutch grid operator Tennet for €3.3 billion
Germany is committing to acquiring a stake of 25.1 percent in the German division of the Dutch high-voltage grid operator Tennet for €3.3 billion. The Netherlands has been trying for some time to partially divest the German division.
According to NOS, an agreement on the acquisition will be signed and presented later today. Several media outlets already reported on it, but Tennet and the Ministry of Finance told the broadcaster they would only comment after the official announcement.
With a network spanning 14,000 kilometers, Tennet Germany is the largest operator of German high-voltage grids. Tens of billions of euros will be needed in the coming years for expanding and renewing the German grid.
The Netherlands is facing its own problems with grid congestion, and wants to put more focus on that, hence the need for divesting the German division.
Last year, three institutional investors paid €9.5 billion for a 46 percent stake in Tennet Germany. With the German government’s 25.1 percent stake, Tennet Holding will retain a maximum ownership of 28.9 percent.
A stake of over 25 percent also gives the German government veto rights in Tennet Germany over things like appointments and the approval of the business plan.
