Image source: Amprion GmbH / Daniel Schumann

• RWE and Apollo establish joint venture for RWE's 25.1 percent stake in German transmission system operator Amprion to finance its future growth
• Apollo is providing €3.2 billion in equity, which RWE and Apollo will jointly invest in Amprion
• RWE, as a leading industrial group and experienced shareholder of Amprion, retains operational control over the joint venture

RWE and Apollo Global Management, a global asset manager with extensive expertise in infrastructure investments, have entered into a long-term partnership to secure financing for RWE's 25.1 percent stake in Amprion.

Amprion, one of Germany's four transmission system operators (TSOs), operates the transmission grid in Germany's economic heartland. The grid stretches across seven federal states and supplies approximately 29 million people with electricity. The TSO plans significant investments in grid expansion over the next decade to improve the critical energy infrastructure. This expansion is crucial for further advancing the energy transition in Germany.

By supporting Apollo, RWE reaffirms its commitment to a secure, reliable, and efficient grid infrastructure; it forms the foundation for a sustainable German energy system. The stake in Amprion has already represented an attractive investment in recent years, generating stable returns on regulated assets. Based on the expectation that future investments will continue to generate attractive and reasonable returns for equity investors, the partnership between RWE and Apollo provides the necessary equity for RWE's 25.1 percent stake to support Amprion's extensive investment program over the next ten years. At the same time, this partnership is consistent with RWE's strategy to further expand its generation portfolio of renewable energies, batteries, and flexible generation assets, with a clear focus on its core activities of power generation and energy trading.

Partnership structure and investment details

Under the agreement, Apollo, on behalf of its managed funds and companies, will pay €3.2 billion to RWE in exchange for a stake in a newly formed joint venture (JV) that will hold RWE's 25.1 percent stake in Amprion. RWE will receive the funds upfront and reinvest them in Amprion through the JV as needed to support its grid expansion program. RWE will retain operational control of the JV and continue to manage its stake in Amprion; it will be fully consolidated in the financial statements. Dividends distributed by Amprion will be shared between RWE and Apollo. Apollo contributes its extensive infrastructure expertise to the cooperation as a long-term partner.

Completion of the transaction is expected in the fourth quarter of 2025, subject to regulatory approvals and customary closing conditions. Following successful completion, the JV will focus on Amprion's grid expansion plan and the strategic use of equity.

KeyFacts Energy: RWE Renewables Germany country profile