AMSTERDAM, Feb 3 (Reuters) - Dutch grid operator TenneT on Tuesday said it had agreed to sell 25.1% of its German business to the German state for 3.3 billion euros ($3.9 billion), in a long‑planned move to tighten Berlin's control over critical energy infrastructure and secure financing for major grid expansion.
The deal marks a significant step in the German government's attempts to assert more influence over high‑voltage grids, the backbone of the country's energy supply.
The Dutch government is cutting its stake in TenneT Germany at a time when rising investment needs have raised doubts over whether Germany's power grids should be exclusively funded by its European neighbour.
The acquisition will take place via German state‑backed lender KfW, which already holds minority stakes in other German transmission operators TransnetBW and 50Hertz.
Berlin had attempted to take a stake in TenneT Germany in the past, but previous efforts had failed over budget issues.
The Dutch government agreed in September to sell 46% of TenneT Germany to a consortium of Dutch pension fund manager APG, Singapore's sovereign wealth fund GIC and Norges Bank Investment Management for up to 9.5 billion euros, a transaction that paved the way for renewed discussions with Berlin.
TenneT Holding, which is the sole grid operator in the Netherlands, said it would keep the remaining 28.9% of the shares in its German division to remain involved in key decisions.
Germany has also allocated future funding obligations linked to capital increases planned between 2026 and 2029, underscoring the scale of investment still required.
($1 = 0.8469 euros)
Reporting by Bart Meijer and Christoph Steitz, Editing by Louise Heavens, Kirsten Donovan
Source: Reuters