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TenneT has entered into an agreement with Mitsubishi Corp. to sell a 49% equity stake in two German offshore high-voltage cable projects, BorWin1 and BorWin2. Under the deal, Mitsubishi's aggregate equity commitment will total 240 million euros.

According to the companies, this partnership will allow infrastructure investors to invest in separate clusters of regulated assets.

The two grid connections connect a number of offshore wind farms in the German North Sea to the onshore electricity grid and have a combined total capacity of 1.2 GW. The equity contribution of Mitsubishi represents 20% of the expected combined capital expenditures of approximately 1.2 billion euros for these two projects. TenneT will retain majority ownership and will continue to operate the connections.

The underlying regulatory structure has been developed by TenneT in cooperation with the German regulator (Bundesnetzagentur). The transaction is still subject to certain conditions, which are expected to be met before this summer, and has been approved by TenneT's sole shareholder, the Dutch State.

Deutsche Bank, RBS and Freshfields acted as advisers to TenneT, and Mitsubishi's primary advisers were KPMG and Hogan Lovells.



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