Clifford Chance advises investor consortium on €9.5 billion investment in TenneT Germany

Global law firm Clifford Chance has advised the investor consortium including APG (investing on behalf of Dutch pension fund ABP) and Singapore sovereign wealth fund GIC on their up to €9.5 billion investment in TenneT Germany. The corresponding agreement between the institutional investors and TenneT Holding was announced today.

With this transaction TenneT and its sole shareholder the Dutch state secure the equity requirement for the expansion of TenneT Germany’s high-voltage grid for the years to come. Completion of the transaction is subject to customary conditions including regulatory clearances and is expected to take place in the first half of 2026.

The transaction will deepen European integration in the energy market and strengthen Dutch, German and European economies. TenneT Netherlands and TenneT Germany will continue to cooperate on strategic areas, such as the 2GW programme, designed to roll-out the offshore grid, thereby preserving mutually beneficial synergies.

The Clifford Chance team advising the institutional investors on this transaction was led by partners Anselm Raddatz (Corporate/Private Equity), Mathias Elspaß (Energy) and Dominik Heß (Corporate/M&A, all Düsseldorf) and further comprised senior associate Lennart Göbel, associates Frederik Roos (both Düsseldorf) and Friederike Anna Fisch (Frankfurt, all Corporate), senior associate Friedrich von Bülow (Corporate/Private Equity, Frankfurt), of counsel Björn Heinlein, senior associates Duy Tuong Huynh and Marie Georgi, associates Benedikt Behlert, Maik Simon, Pauline Leven, Louisa Busch (all Düsseldorf) and Ann-Sophie Hillmann (Frankfurt, all Energy), senior associate Marlene Kießling (Healthcare, Düsseldorf), partner Olaf Mertgen and counsel Steffen Waadt (both Tax, Frankfurt), senior associate Alexander Stemmler and associate Sophia Sahle (both Employment, Düsseldorf), partner Florian Mahler (Global Financial Markets, Düsseldorf), associate Miriam Sax (Real Estate, Munich), partner Dimitri Slobodenjuk and senior associate Arne Gayk (both Antitrust, Düsseldorf), associate Benjamin Wollweber (Corporate/Tech Digital, Frankfurt) as well as legal project managers Pascal Weber and Milena Mühlenkamp (both Düsseldorf).