RWE and Apollo Finalise €3.2 Billion Joint Venture to Support Expansion of Germany’s Electricity Transmission Grid

RWE and Apollo Global Management have completed their partnership transaction, establishing a new joint venture to support long-term investment in Amprion, one of Germany’s four Transmission System Operators (TSOs). The deal, announced on 26 November 2025, follows the receipt of all required regulatory approvals.

Under the agreement, Apollo — through its managed funds and entities — has invested €3.2 billion in exchange for an equity stake in the joint venture, which now holds RWE’s 25.1% share in Amprion. The capital will be progressively reinvested by RWE over the next decade to support Amprion’s extensive grid expansion programme.

RWE will retain operational control of the joint venture and continue managing the Amprion stake, which will remain consolidated in the company’s financial statements.

Amprion operates the high-voltage transmission network across seven German federal states, serving nearly 29 million people in the country’s industrial and economic core. The TSO plans major infrastructure investments over the coming years to upgrade and expand the grid, a move seen as essential to Germany’s energy transition and integration of renewable power.

The partnership between RWE and Apollo ensures long-term funding stability for Amprion as Germany accelerates efforts to modernise its electricity transmission network in alignment with national climate and energy goals.