Subject to regulatory approvals, the agreement is expected to be closed in the fourth quarter of 2025. Under the terms of the agreement, Apollo will provide €3.2 billion to RWE in return for a stake in a newly formed joint venture (JV) that will hold RWE’s 25.1 per cent share in Amprion. RWE retains the operational control of the JV and continues to manage the investment in Amprion. The M31 Beteiligungsgesellschaft continues to hold the remaining 74.9 per cent stake in Amprion.

By entering a partnership with Apollo, RWE demonstrates its commitment to a secure, reliable, and efficient grid infrastructure. Amprion views the transaction as a sign of confidence in the company’s performance and welcomes Apollo as a new investor. Apollo Global Management is a global asset manager with extensive experience in infrastructure investments and suits very well with the transmission system operator’s long-term business model.

The partnership with RWE provides the necessary equity for the 25.1 per cent share in Amprion and will support the extensive investment program of Germany’s leading transmission system operator. This is based on confidence of continued attractive and appropriate returns in the future. Amprion plans to invest around €36.4 billion in expanding its grid by 2029.

Markus Krebber, CEO of RWE, stressed that expanding and modernising Germany’s grid infrastructure is essential to enable the energy transition. He explained that transmission system operators like Amprion are preparing significant investments to build a future-proof system, and RWE fully supports these plans as a 25.1 per cent shareholder.

To secure the financing of this stake, RWE has entered into a partnership with Apollo Global Management, which will provide €3.2 billion in equity to a new joint venture holding RWE’s participation in Amprion. According to Krebber, these funds will be gradually channelled into Amprion to back its ambitious investment programme, making the agreement a win for RWE, Apollo, Amprion, and the overall energy transition.