TenneT has completed key equity transactions for TenneT Germany, securing the company’s planned equity requirements while allowing TenneT Holding to retain a strategic minority stake. During the first half of 2026, the transmission system operator continued work on major grid projects in the Netherlands and Germany.
Institutional investors APG, GIC and NBIM committed up to €9.5 billion, including an initial €2.5 billion tranche, while the German development bank KfW acquired a 25.1% stake for €3.3 billion. The transactions strengthen TenneT Germany’s financial position and support the expansion of Germany’s high-voltage grid.
In the Netherlands, new infrastructure entered operation, including the Zuidplaspolder substation, while construction progressed on the Maasvlakte connection for three offshore wind farms and the Rilland–Tilburg high-voltage link. TenneT also increased available grid capacity through flexibility measures, including battery storage and agreements with solar projects.
In Germany, construction started on HeideHub, a multi-terminal energy hub designed to integrate large volumes of wind power and support future high-voltage direct current networks. TenneT Germany also began work on the Sengwarden energy hub near Wilhelmshaven, which will connect 4 GW of offshore wind capacity to the grid. Together with National Grid, TenneT is also developing GriffinLink, a proposed multi-purpose interconnector linking German and UK offshore wind resources.
TenneT introduced new procedures for large grid connection applications in Germany, replacing the previous first-come, first-served approach with assessments based on criteria such as project readiness. The company also worked with stakeholders in the Netherlands to avoid a potential connection pause in parts of the country caused by grid capacity constraints.
Financially, TenneT reported underlying revenue of €5.2 billion in the first half of 2026, an increase of €764 million compared with the same period last year. Underlying EBIT rose to €6.3 billion, mainly due to a one-off gain related to the deconsolidation of TenneT Germany. Excluding this effect, EBIT increased to €1.7 billion, supported by higher revenues from increased grid investments.
TenneT invested €6.0 billion in its grid infrastructure during the first half of 2026, compared with €5.5 billion in the same period in 2025. Full-year investments are expected to be lower than previously forecast, mainly due to delays in offshore projects following the replacement of contractor Petrofac with Larsen & Toubro.
