The Dutch grid company TenneT intends to invest $216 billion by the conclusion of 2034.

The Dutch state-owned power grid company TenneT anticipates investing around 200 billion euros ($216 billion) by 2034 to enhance its power grids in the Netherlands and Germany, as announced on Thursday.

TenneT mentioned that its investments will surpass 10 billion euros in 2024, aimed at alleviating congestion and expanding the grids to support the significant volumes of solar and wind energy required for a transition away from fossil fuels.

The company, along with the Dutch state, continues to explore alternative methods for the long-term financing of its operations in Germany after a previous sale to the German government fell through due to budget constraints in Berlin.

TenneT has finalized the separation of its businesses in the Netherlands and Germany, and it stated that it will keep raising debt and equity to sustain the level and pace of investments while ensuring its financial stability.

Last year, the company and its parent organization agreed on two loan facilities amounting to 44 billion euros to finance investments in both the Netherlands and Germany until 2026.