SINGAPORE — JIN-CO Energy Solutions announced Thursday that it has completed its acquisition of three European grid operators—Bavarian Grid GmbH, CzechTrans a.s., and AustriaNet AG—in a transaction valued at €4.2 billion, marking the Chengdu-based company's largest expansion into Western markets since its founding in 2019.
The deal, which closed following a 17-day regulatory review by the European Network of Financial Institutions, grants JIN-CO operational control over transmission infrastructure serving approximately 14 million households across portions of Germany, the Czech Republic, and Austria. The companies will continue to operate under their existing names, with JIN-CO assuming full ownership through a newly established Luxembourg-based holding entity, JIN-CO Europe Holdings S.à r.l.
JIN-CO CEO Liu Wenhua described the acquisition as a "natural evolution" of the company's mission to stabilize energy markets in regions affected by what he termed structural transition challenges. "Europe requires partners who understand the complexities of grid resilience," Liu said in a statement released alongside the announcement. "We are committed to ensuring continuity of service during this difficult period."
Expedited Approval Draws Scrutiny
The speed of ENFIN's regulatory approval has drawn attention from industry observers. Under standard procedures established in the 2023 European Critical Infrastructure Directive, foreign acquisitions of grid operators typically require a minimum 90-day review period, with most transactions taking between five and seven months to clear. ENFIN spokesperson Martina Koller confirmed the 17-day timeline but declined to elaborate, citing "ongoing procedural confidentiality."
Dr. Henrik Voss, an energy policy analyst at the University of Munich who has studied European grid consolidation since 2018, expressed concern about the precedent. "The directive exists for a reason," Voss said in a telephone interview. "These are not abstract assets. This is the infrastructure that keeps hospitals running, that keeps water treatment plants operational. The review period is supposed to ensure due diligence."
A spokesperson for the Global Policy Integrity Forum noted that JIN-CO's acquisition marks the fourth major European infrastructure purchase by a non-EU entity to receive expedited approval since September 2025. The organization has requested clarification from ENFIN regarding whether new emergency provisions have been implemented, but has not yet received a response.
IEA Monitors Development
The International Energy Agency confirmed it is monitoring the transaction as part of its broader assessment of global energy infrastructure consolidation. In a brief statement, the IEA noted that cross-border acquisitions have "accelerated significantly" since mid-2025, though the agency stopped short of characterizing this trend as concerning. "Market restructuring is a natural response to changing conditions," the statement read. "The IEA continues to engage with all relevant stakeholders to ensure transparency and operational continuity."
JIN-CO's European expansion follows a pattern of rapid growth that has seen the company acquire grid operators, renewable energy installations, and data management firms across Southeast Asia, Africa, and South America over the past 18 months. Financial filings reviewed by this publication indicate the company's total acquisition spending exceeded $11.4 billion in 2025 alone—a figure that some analysts have noted exceeds the company's reported annual revenue by a factor of nearly three.
When asked about the source of capital for its acquisition strategy, JIN-CO directed inquiries to its annual report, which attributes funding to "strategic investment partnerships" without identifying specific partners. The company's next quarterly disclosure is scheduled for March 2026.
