Sources indicate that Norway’s sovereign wealth fund, Norges Bank Investment Management, is considering a substantial investment in Germany’s power grid. The potential investment, reportedly in the billions of euros, is linked to Tennet Deutschland, a leading electricity transmission network operator.
According to the German business publication “Handelsblatt”, Norges Bank Investment Management is part of a group of investors expressing interest in a planned capital increase for Tennet Deutschland. The fund, which manages the Government Pension Fund Global (GPFG), is exploring options alongside other potential investors. Neither Tennet nor Norges Bank Investment Management have commented on the possibility of an investment when approached for clarification.
The Dutch government, as the majority owner of Tennet, is expected to decide on the method for raising the new capital in September. Financial circles suggest that Norges Bank Investment Management could potentially serve as an anchor shareholder in a stock market listing. Alternatively, if the capital is raised through a private placement, Norges, alongside the Dutch pension fund APG, could acquire a minority stake. Industry publication Infralogic has also reported on the potential interest of the Norges and APG consortium.