Latest news with #TenneT
Malaysian Reserve
20-05-2025
- Business
- Malaysian Reserve
Eversendai bags Singapore's New Science Centre, Spain offshore steel fabrication projects
EVERSENDAI Corp Bhd has secured three new projects in United Arab Emirates (UAE), India and Singapore, including structural steel fabrication for an offshore grid in Germany. In an exchange filing today, the company led by executive chairman Tan Sri AK Nathan Elumalay said the new jobs would push its outstanding order book to RM6.6 billion. It said Eversendai Offshore in UAE has secured a project from Dragados Offshore SAU, Spain, for the fabrication of structural steel for the offshore converter blocks (topside) for the LanWin2, BalWin3 and LanWin4 offshore grid connection projects in Germany. The scope of work includes engineering, material procurement, fabrication and assembly of panels and blocks, painting and loadout. The offshore grid connection systems are part of TenneT's 2GW program which sets new standards in offshore grid infrastructure and doubles the existing transmission capacity of offshore grid connection systems. The program aims to help Germany, Netherlands and Europe achieve ambitious climate targets and develop the North Sea as Europe's 'green power plant', the filing added. The blocks will be executed at Eversendai Offshore's facility in Ras Al Khaimah, UAE. Eversendai said it has committed to execute the project and deliver the blocks for the three topsides progressively by December 2027. Eversendai ventured into the European offshore wind renewable energy in the year 2019 by successfully executing offshore wind jackets project for Hollandse Kust Zuid Alpha (2019-2020) and Hollandse Kust Zuid Beta (2020-2021) for 700MW offshore wind converter stations for TenneT, Netherlands. In India, Eversendai has secured the Chennai International Airport's Phase II modernisation project, adding around 1.2 million square feet of space in terminal two expansion. The structural steel works are critical in supporting the extended terminal's roof, facade and large-span structures by incorporating advanced design solutions for both functionality and aesthetic appeal, according to its filing. In Singapore, Eversendai has secured a project for the construction of the New Science Centre in Singapore. The composite building consists of truss, columns, and beams from Level 2 to Roof. The scope for all these projects includes engineering, connection design, shop drawings, steel material supply, fabrication, delivery, erection of structural steel works, it said. — TMR
Yahoo
16-05-2025
- Business
- Yahoo
Dutch grid operator TenneT negotiates sale of minority stake in German unit
State-owned Dutch power grid operator TenneT has reportedly initiated discussions with potential investors regarding the sale of a minority stake in its German division, Reuters has reported. The move could lead to one of the largest European transactions of 2025. The German unit, with a regulated asset base of €27.8bn ($31.1bn) as of 2024, expects 25% annual growth through to 2029. A sale could potentially raise up to €12bn, though the final amount will depend on the stake size and debt level. The Dutch state has pledged to maintain a BBB-rated capital structure for TenneT Germany, aligning with other German high-voltage grid operators. Non-binding bids for TenneT Germany are anticipated by mid-June 2025. The development comes amidst a challenging deal-making environment due to the US trade war. Regulated grid assets such as TenneT Germany, offering fixed returns, are deemed attractive investments in the current economic climate of falling interest rates and uncertainty. Funds such as Apollo Global Management, Canada's Caisse de depot et placement du Quebec and Macquarie have shown interest, with BlackRock's Global Infrastructure Partners and CPP Investment Board also expected to consider the opportunity. The potential deal's size may encourage collaboration among interested parties, although there is no certainty of a transaction. All mentioned funds have refrained from commenting. After a failed partial sale to KfW in 2024, the Dutch government is considering both a sale and a partial initial public offering for TenneT Germany. Dutch Finance Minister Eelco Heinen has expressed his intention to decide on the best course of action by early July, following investor discussions and non-binding bids. TenneT Germany, with more than 14,000km of high-voltage power network, reported earnings before interest, taxation, depreciation and amortisation of €2.2bn in 2024. In April 2025, TenneT announced a significant restructuring to financially separate its Dutch and German operations, ensuring a solid foundation for both entities. This involves transferring the company's senior debt from the holding level to TenneT Netherlands. "Dutch grid operator TenneT negotiates sale of minority stake in German unit" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
14-05-2025
- Business
- Yahoo
TenneT in talks over stake sale in German division
-- TenneT, the state-owned Dutch power grid operator, has started discussions with potential investors regarding the sale of a minority stake in its German division, according to a Reuters report on Wednesday. This could potentially be one of Europe's biggest deals in 2025. TenneT's German branch, Tennet Germany, had a regulated asset base (RAB) valued at 27.8 billion euros ($31 billion) as of 2024. This valuation, a critical measure for energy grids, is projected to grow by 25% annually until 2029, as per an investor presentation on the company's website. The sale of a minority stake in the division could allow the Dutch government to raise as much as 12 billion euros, but the amount can also be significantly less, depending on the size of the stake sold and the level of debt. The Dutch government has pledged to maintain a BBB-rated capital structure for TenneT Germany, which aligns with other German high voltage grid operators (TSOs). Non-binding bids for the business are due by the middle of June. Several funds have shown interest in the sale, including Apollo Global Management (NYSE:APO), Canada's Caisse de depot et placement du Quebec (CDPQ), and Macquarie. Global Infrastructure Partners (GIP), owned by BlackRock (NYSE:BLK), and the CPP Investment Board (CPPIB), which manages Canadian pension savings, are reportedly also expected to express interest. More potential buyers could emerge, and it is anticipated that parties may join forces given the potential size of the deal. However, the transaction is not guaranteed. Related articles TenneT in talks over stake sale in German division Parsons jumps on Middle East contract wins, including $97 billion in Qatar Ubisoft misses estimates as net bookings fall 20.5% YoY Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
14-05-2025
- Business
- Yahoo
Exclusive-TenneT in talks with funds to sell up to $13 billion stake in German unit, sources say
By Christoph Steitz, Andres Gonzalez and Emma-Victoria Farr FRANKFURT/LONDON (Reuters) -State-owned Dutch power grid operator TenneT has kicked off talks with investors about the sale of a minority stake in its German division, four people familiar with the matter said, in what could become one of Europe's largest deals in 2025. TenneT Germany has a regulated asset base (RAB), a key valuation gauge for energy grids, of 27.8 billion euros ($31 billion) as of 2024, which is set to grow by 25% each year through 2029, according to an investor presentation on its website. A sale of new shares in TenneT Germany could raise up to 12 billion euros, three of the people said, adding that the amount could be significantly lower depending on the size of the stake settled upon and level of debt. The Dutch state has committed to guarantee a BBB-rated capital structure for TenneT Germany, in line with other German high voltage grid operators (TSOs). Non-binding bids for the business are due mid-June, the sources said, speaking on condition of anonymity because the matter is private. TenneT and the Dutch government declined to comment. The U.S. trade war has stymied dealmaking in recent weeks but grid assets, which are regulated and provide fixed returns, are expected to be more attractive to investors against a backdrop of falling interest rates and heightened economic uncertainty, the sources said. Funds including Apollo Global Management, Canada's Caisse de depot et placement du Quebec (CDPQ) and Macquarie are interested in the sale, two of the people said. BlackRock-owned Global Infrastructure Partners (GIP) and CPP Investment Board (CPPIB), which manages Canadians' pension savings, are also expected to show interest, one of the people and a third one said. More suitors could emerge and parties are expected to team up given the potential size of the deal, two of the people said, adding there was no certainty of a transaction. Apollo, CDPQ, Macquarie, GIP and CPPIB all declined to comment. The Dutch government has embarked on a dual track process for TenneT Germany after a partial sale to German state lender KfW failed to materialise last year. The Hague remains open to Germany taking a stake in the company. Apart from a sale, the government could opt for a partial initial public offering of the business. Dutch Finance Minister Eelco Heinen, in a letter sent to parliament this week, said he wanted to settle on one of the two paths in early July. "Based on discussions with investors and expected non-binding bids, I will assess with TenneT what is expected to be the best option," he said in the letter dated May 13. With a network of more than 14,000 kilometres, TenneT Germany is the country's largest high-voltage power grid operator and made earnings before interest, tax, depreciation and amortisation of 2.2 billion euros in 2024. ($1 = 0.8919 euros)
Reuters
14-05-2025
- Business
- Reuters
Exclusive: TenneT in talks with funds to sell up to $13 billion stake in German unit, sources say
FRANKFURT/LONDON, May 14 (Reuters) - State-owned Dutch power grid operator TenneT has kicked off talks with investors about the sale of a minority stake in its German division, four people familiar with the matter said, in what could become one of Europe's largest deals in 2025. Tennet Germany has a regulated asset base (RAB), a key valuation gauge for energy grids, of 27.8 billion euros ($31 billion) as of 2024, which is set to grow by 25% each year through 2029, according to an investor presentation on its website. The Dutch government could raise up to 12 billion euros from a minority stake sale in the division, three of the people said, adding that the amount could be significantly lower depending on the size of the stake settled upon and level of debt. The Dutch state has committed to guarantee a BBB-rated capital structure for TenneT Germany, in line with other German high voltage grid operators (TSOs). Non-binding bids for the business are due mid-June, the sources said, speaking on condition of anonymity because the matter is private. TenneT ( opens new tab and the Dutch government declined to comment. The U.S. trade war has stymied dealmaking in recent weeks but grid assets, which are regulated and provide fixed returns, are expected to be more attractive to investors against a backdrop of falling interest rates and heightened economic uncertainty, the sources said. Funds including Apollo Global Management (APO.N), opens new tab, Canada's Caisse de depot et placement du Quebec (CDPQ) and Macquarie ( opens new tab are interested in the sale, two of the people said. BlackRock-owned (BLK.N), opens new tab Global Infrastructure Partners (GIP) and CPP Investment Board (CPPIB), which manages Canadians' pension savings, are also expected to show interest, one of the people and a third one said. More suitors could emerge and parties are expected to team up given the potential size of the deal, two of the people said, adding there was no certainty of a transaction. Apollo, CDPQ, Macquarie, GIP and CPPIB all declined to comment. The Dutch government has embarked on a dual track process for TenneT Germany after a partial sale to German state lender KfW ( failed to materialise last year. The Hague remains open to Germany taking a stake in the company. Apart from a sale, the government could opt for a partial initial public offering of the business. Dutch Finance Minister Eelco Heinen, in a letter sent to parliament this week, said he wanted to settle on one of the two paths in early July. "Based on discussions with investors and expected non-binding bids, I will assess with TenneT what is expected to be the best option," he said in the letter dated May 13. With a network of more than 14,000 kilometres, TenneT Germany is the country's largest high-voltage power grid operator and made earnings before interest, tax, depreciation and amortisation of 2.2 billion euros in 2024. ($1 = 0.8919 euros)
