M&G : supports German gas transmission system operator with €48 million financing to strengthen critical energy infrastructure

London, 17 June 2026 - M&G today announces it has provided €48 million towards a financing package for Thyssengas, one of Germany's leading gas transmission system operators, reinforcing its commitment to provide long-term capital to support critical European energy infrastructure.

Thyssengas plays a vital role in Germany's energy system as the country's third-largest gas transmission system operator. The company operates an extensive 4,400-kilometre pipeline network across North Rhine-Westphalia, supplying approximately 20% of Germany's population and serving around 160 industrial customers in one of Europe's most important industrial regions.

M&G participated in the 7 and 10-year senior unsecured fixed rate private placement notes that form part of a wider €1.4 billion financing package that supports Thyssengas in the long-term development of its gas transmission system.

The transaction is funded primarily by long-term annuity capital from M&G's Life business, alongside third-party clients, and reflects M&G's approach of deploying patient capital into high-quality, resilient and critical infrastructure that supports national economies. The team will continue to source deals that support M&G's ambitious expansion in the UK pensions de-risking market, where it expects to write £3-4bn of annuity transactions annually, building on more than 25 years of experience and an existing annuity book of around £21bn.

Jérôme Dardaine from M&G's Infrastructure Debt team, said: "This investment reflects our strong conviction in the importance of resilient energy infrastructure. Thyssengas is a key operator within Germany's transmission network, and its assets are fundamental to ensuring stable supply to industry and communities alike. This is our seventh transaction in Europe this year and while we continue to build our footprint across the continent, we remain focused on financing critical assets that deliver sustainable growth and resilient, long-dated outcomes for our investors."

M&G's Infrastructure Debt team sits within the firm's £81 billion private markets division¹.