RWE has formed a joint venture with Apollo Global Management to finance RWE’s stake in German transmission system operator Amprion.
Apollo has agreed to contribute €3.2bn in equity for RWE’s 25.1% stake in Amprion to fund future grid upgrades.
Amprion is one of Germany’s four transmission system operators (TSO). It operates the transmission grid in the country’s economic heartland, which spans across seven German federal states, serving approximately 29 million people.
The TSO is planning significant grid expansion investments over the next decade to enhance critical energy infrastructure.
RWE said the deal with Apollo reaffirms its commitment to ensure Germany’s energy future is built on a secure, reliable, and efficient grid infrastructure.
Under the agreement, Apollo, on behalf of its managed funds and entities, will pay €3.2bn to RWE in exchange for an equity stake in a newly established joint venture.
This joint venture will hold RWE’s 25.1% stake in Amprion. RWE will receive the funds upfront and will subsequently reinvest the proceeds into Amprion through the joint venture as required to support its grid expansion programme.
RWE will retain operational control of the joint venture and continue to manage the Amprion stake. Dividends from Amprion will be shared between RWE and Apollo.
The transaction is expected to close in the fourth quarter of 2025, subject to regulatory approvals and customary closing conditions.
Once completed, the joint venture will focus on strategically deploying the equity to align with Amprion’s grid expansion roadmap.