Wedoany.com Report-Sept. 9, RWE and Apollo Global Management have signed an agreement under which Apollo will acquire an equity stake in a new joint venture that will hold RWE’s existing 25.1% share in the German transmission system operator Amprion. Apollo will pay €3.2 billion to RWE, with the funds provided upfront. RWE will then reinvest the proceeds into Amprion through the joint venture, which will focus on strategically allocating equity to support Amprion’s long-term grid expansion roadmap.

Amprion is one of Germany’s four transmission system operators and is responsible for the grid across seven federal states, serving around 29 million people. According to the company, it plans to invest approximately €36.4 billion in grid expansion by 2029. These investments are intended to strengthen critical infrastructure and facilitate the ongoing energy transition.

In addition to its onshore network, Amprion is actively engaged in offshore wind grid development. Several projects are underway, including BorWin4 and DolWin4, where construction is progressing. In June, Amprion received planning approval for two further projects, BalWin1 and BalWin2, located in the German North Sea. Together, these projects will expand offshore grid connection capacity and contribute to integrating renewable energy into the national system.

Amprion’s ownership is divided between two shareholders. M31 Beteiligungsgesellschaft mbH & Co. Energie KG, a consortium of utility companies and German institutional investors, holds a 74.9% majority stake, while RWE AG currently holds 25.1%. Following the agreement, RWE’s stake will be transferred to the joint venture with Apollo, while RWE will maintain management control.

The transaction is expected to close in the fourth quarter of 2025, subject to regulatory approvals and customary closing conditions. Once finalized, the joint venture will be consolidated into RWE’s financial statements. Dividends from Amprion will be distributed between RWE and Apollo, with Apollo serving as a long-term investment partner.

RWE highlighted that this partnership will allow it to strengthen its position in the transmission sector while continuing to play an active role in Amprion’s operations. The collaboration is designed to align financial and strategic resources with Amprion’s investment program, supporting the expansion of Germany’s electricity transmission grid over the coming years.

Through this transaction, RWE secures significant funding that can be reinvested into energy infrastructure while retaining operational oversight of its stake in Amprion. Apollo’s participation provides additional capital and a stable partnership, enhancing Amprion’s ability to deliver on its ambitious grid development goals.