Germany solidified its control over critical energy infrastructure by acquiring a 24.95% minority stake in EnBW’s high-voltage business, TransnetBW, through state lender KfW, according to the company’s announcement on Friday.
This strategic move aims to expedite Germany’s energy transition. The government’s increased involvement includes a 20% stake in the rival network 50Hertz, according to Reuters.
EnBW had previously sold a similar stake in TransnetBW earlier this year to a consortium led by savings banks for approximately 1 billion euros ($1.1 billion). KfW’s purchase aligns with these terms, although specific details, including the purchase price, remain undisclosed.
EnBW’s finance chief, Thomas Kusterer, expressed enthusiasm, stating that the new co-investors provide additional funding for growth investments, facilitating the acceleration of Germany’s energy transition.
Berlin is further pursuing increased ownership in the power transmission sector, actively seeking the acquisition of the German division of Dutch operator TenneT for over 20 billion euros. ($1 = 0.9366 euros)