AMSTERDAM (Reuters) - Electric grid operator TenneT Holding said on Wednesday it has signed an 8 billion euro ($8.63 billion) credit facility to support its spending plans as it awaits a deal to sell its German operations to the German state.
TenneT, owned by the Dutch state, expects to invest more than 100 billion euros in the coming decade to build out infrastructure in Germany, the Netherlands and in the North Sea to support the growing use of renewable energy.
Governments of the two countries have said they hope to agree a deal on the sale of TenneT Germany this summer and close a deal by the end of 2023, though talks have been going slowly.
TenneT, which had a debt-heavy balance sheet of 38.5 billion euros at the end of 2022, in March estimated equity needs at its German arm of 15 billion euros and of 10 billion euros at its Dutch arm.
The company said on Wednesday a "deal would enable the creation of two strong national players, controlled and funded by their respective governments."
TenneT said the 2.5-year facility is provided by BNP Paribas (EPA:BNPP), ABN AMRO (AS:ABNd), BNG, Commerzbank (ETR:CBKG), Deutsche Bank (ETR:DBKGn), ING, Rabobank, Santander (BME:SAN), SMBC Nikko, and UniCredit (LON:0RLS).
($1 = 0.9271 euros)
($1 = 0.9268 euros)