RWE and Apollo Global Management have agreed to establish a joint venture centered on RWE’s 25.1% shareholding in Germany’s transmission system operator, Amprion. Under the agreement, Apollo will contribute €3.2 billion upfront in exchange for an equity interest in the newly created entity.
The funds will be reinvested into Amprion to help finance its extensive grid expansion programme. The transaction is expected to close in the fourth quarter of 2025, subject to regulatory approvals and customary conditions.
The partnership strengthens RWE’s financial flexibility while maintaining its operational control over the Amprion stake. For Apollo, the move provides exposure to a core regulated transmission operator in Europe, adding a long-term infrastructure asset with stable returns and direct relevance to the energy transition.
Amprion - About it
Amprion is one of Germany’s four transmission system operators, overseeing around 11,000 kilometers of extra-high voltage lines and substations across seven federal states. Its network area stretches from Lower Saxony to Bavaria, covering highly industrialized regions that are pivotal for the German economy.
The company’s core responsibility is maintaining security of supply while enabling the integration of renewable power into the grid. With Germany aiming for 80 % renewables in electricity consumption by 2030, Amprion’s investments are essential to expand cross-border interconnections, strengthen north-south transmission, and deploy new technologies like high-voltage direct current (HVDC) lines. Amprion has recently awarded signifcant contracts for its BalWin 1 Offshore Wind Project.
Joint Venture Structure and Financing
Through its managed funds and entities, Apollo will acquire an equity interest in the joint venture holding RWE’s 25.1% stake in Amprion. While RWE receives the €3.2 billion capital injection upfront, proceeds are earmarked for reinvestment into Amprion through the JV as required to support grid development..
RWE will continue to manage the Amprion stake, consolidate the JV in its financial statements, and retain influence over strategic decisions. Dividend flows from Amprion will be shared between RWE and Apollo. Apollo’s role will be that of a long-term partner, providing stable capital and infrastructure expertise to help finance Amprion’s expansion programme.
The transaction is scheduled for completion in late 2025, following regulatory approval. Once established, the JV will deploy capital in line with Amprion’s grid development roadmap.
Deal Strategic Significance
The partnership carries importance beyond the corporate sphere. For RWE, it secures substantial funding while preserving control of Amprion and its dividend stream. For Apollo, it represents a long-term foothold in European energy infrastructure, providing access to a regulated asset with predictable returns.
At the national level, strengthening Amprion’s transmission grid is central to integrating greater volumes of renewable energy and ensuring system reliability as conventional generation is phased out. Grid expansion supports Germany’s decarbonisation goals by linking renewable resources to industrial centres and enabling greater cross-border electricity flows.
The deal also aligns with wider policy efforts, as Germany advances a €500 billion federal infrastructure fund announced by Chancellor Friedrich Merz. This initiative aims to modernise the country’s energy system and accelerate investment in both grid and generation assets. Within this framework, Amprion’s development—backed by RWE and Apollo—plays a key role in securing supply and advancing the energy transition.
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