Belgium-based transmission system operator (TSO) Elia has partnered with German state-owned bank Kreditanstalt für Wiederaufbau (KfW) to acquire the remaining 20% stake in Eurogrid International.

Eurogrid, held by Australian investment management company IFM, is the holding company of Germany-based TSO 50Hertz Transmission (50Hertz), which is one of four electricity TSOs in the country.

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Once Elia acquires its 20% stake in 50Hertz, the operator intends to sell the stake to KfW.

“This stronger national anchorage will inspire us to continue building the infrastructure to realise the energy transition in Germany.”

KfW is a promotional bank that works towards improving economic and ecological living conditions across the globe.

The deal between Elia and KfW is expected to develop cooperation between the two nations regarding critical grid infrastructure.

Elia Group CEO Chris Peeters said: “As a leading company in the energy sector, 50Hertz is very closely connected to the German society that it serves.

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“Elia as the main shareholder looks forward to having KfW as our new partner and feels confident that this stronger national anchorage will inspire us to continue building the infrastructure to realise the energy transition in Germany.”

In April this year, Elia acquired a 20% stake in Eurogrid from IFM and increased its share in the company from 60% to 80%.

Elia noted that it intends to finance the 20% stake acquisition in Eurogrid by issuing long-term debt instruments, of which €700m will be hybrid bonds and €300m will be unsubordinated senior bonds.

All transactions are expected to be finalised in the third quarter of this year.