RWE and Apollo Global Management, a global asset manager with extensive experience in infrastructure investments, have entered into a long-term partnership to secure funding for RWE’s 25.1 percent stake in Amprion, one of Germany’s four Transmission System Operators (TSOs). Amprion manages the electricity transmission grid in Germany’s economic heartland, covering seven federal states and serving approximately 29 million people. The TSO plans substantial grid expansion investments over the next decade to strengthen critical energy infrastructure and support Germany’s energy transition.
Through this partnership, RWE reaffirms its commitment to ensuring a secure, reliable, and efficient electricity grid for the future. Amprion has historically delivered stable and attractive returns from its regulated asset base. With confidence that future investments will continue to provide appropriate returns for equity investors, the collaboration with Apollo guarantees the necessary equity capital for RWE’s 25.1 percent stake to support Amprion’s ambitious investment program over the next ten years.
This initiative also aligns with RWE’s broader strategy to expand its renewable generation portfolio, batteries, and flexible generation assets while maintaining focus on its core activities of power generation and energy trading. Under the agreement, Apollo, through its managed funds and entities, will provide €3.2 billion to RWE in exchange for an equity stake in a newly established joint venture (JV) that will hold RWE’s 25.1 percent stake in Amprion. RWE will receive the funds upfront and reinvest them into Amprion via the JV as needed to support the planned grid expansion.
RWE will retain operational control of the JV and continue managing the Amprion stake while consolidating the JV in its financial statements. Dividends from Amprion will be shared between RWE and Apollo. Leveraging its long-term capital and infrastructure investment expertise, Apollo will act as a long-term partner to RWE. The transaction is expected to close in the fourth quarter of 2025, pending regulatory approvals and customary closing conditions. Once finalized, the joint venture will strategically deploy the equity to align with Amprion’s grid expansion roadmap, helping secure Germany’s energy future while enabling RWE to focus on its renewable and flexible generation growth plans.
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