German energy company RWE has entered into a long-term partnership with Apollo Global Management to secure funding for its 25.1% stake in Amprion, one of Germany’s four transmission system operators (TSOs).
Amprion runs the transmission grid across seven federal states in Germany’s industrial heartland, serving around 29 million people. The operator faces a decade of major investment to expand and strengthen critical infrastructure in support of the country’s energy transition.
Under the agreement, Apollo-managed funds will provide €3.2 billion in return for an equity stake in a newly created joint venture (JV) that will hold RWE’s share in Amprion. RWE will retain operational control of the JV and continue to manage the Amprion stake, with dividends shared between the two partners. The company will reinvest the proceeds into Amprion’s expansion programme via the JV.
RWE said the partnership ensures the equity capital needed to back Amprion’s multibillion-euro investment roadmap while allowing the utility to concentrate on its core activities of renewable power generation, batteries and energy trading. Amprion, with its regulated asset base, has historically delivered stable and attractive returns, a trend RWE and Apollo expect to continue.
Apollo brings to the partnership extensive experience in long-term infrastructure financing. The deal underscores RWE’s commitment to underpinning Germany’s energy transition with reliable and efficient grid infrastructure.
The transaction is scheduled to close in the fourth quarter of 2025, subject to regulatory approval and customary closing conditions.
