TenneT is Germany’s largest power transmission network operator (TSO) that runs a power grid connecting offshore wind farms in Germany’s North Sea with its industrial centres in the South. Due to Germany’s energy transition, TenneT’s German business needs to invest more than 100 billion euro over the next decade. To support this investment program, TenneT’s current sole shareholder (TenneT Holding) sought co-investors.

A group of institutional investors including APG (investing on behalf of Dutch pension fund ABP) and Singapore sovereign wealth fund GIC commissioned a NERA team led by Director Dominik Hübler, working with Director Marco Schönborn, Consultants Leonie Janisch and Philip vom Baur, Analyst Lucas Skrabal, and former colleagues David Piazolo and Henri Bielecki, to undertake a regulatory due diligence of the asset. The NERA team provided a detailed description of the regulatory and institutional framework for power networks in general, the rules for determining capex, and tariff determination under the current RP4 price control and the upcoming RP5 price control that will bring significant change to how Germany regulates its TSOs. The NERA team provided support to the consortium’s financial advisors in developing the regulatory parts of the model and provided all consortium members with extensive Q&A support on a range of regulatory topics.  

On 24 September 2025, TenneT agreed to sell a 46% stake in the German business to the group of institutional investors including APG, GIC, and Norges Bank Investment Management (NBIM), completing the largest energy sector transaction in EMEA year-to-date.

NERA experts regularly advise on transactions in the energy and other infrastructure sectors, providing regulatory and commercial due diligence advice on network assets, renewables, conventional power plants, and district heating providers.