Gleiss Lutz has advised the Dutch Ministry of Finance on the investment of the Kreditanstalt für Wiederaufbau (KfW) in the German transmission system operator TenneT. KfW has agreed to invest up to EUR 3.3 billion for a stake of approximately 25.1%. Closing is conditional upon obtaining the necessary regulatory approvals.
In September 2025, Gleiss Lutz had already advised the Dutch Ministry of Finance on the entry of an investor consortium into the German transmission system operator TenneT, which agreed to invest up to EUR 9.5 billion for a stake of up to 46%.
Further information can be found in our press release from 24 September 2025: Gleiss Lutz advises Dutch Ministry of Finance on strategic EUR 9.5 billion investment in TenneT Germany | Gleiss Lutz
Bayreuth-based TenneT Germany is one of the four major German transmission system operators (TSOs), with a grid covering more than 13,000 kilometres. Its operations form a critical part of the country’s energy infrastructure and the broader European energy transition.
A team from NautaDutilh led by Stefan Wissing and Lisa Schoenmakers acted as lead counsel on the transaction.
The following Gleiss Lutz team has advised the Dutch Ministry of Finance: Martin Hitzer (Partner), Katharina Bein (Partner, both Corporate), Dr. Jacob von Andreae (partner), Dr. Lars Kindler (counsel, both Public Law/Foreign Trade Law/Energy & Infrastructure, all Düsseldorf), Dr. Cornelia Topf (Partner, M&A/Energy & Infrastructure, Frankfurt).
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