The deal is set to complete in Q4 2025.
Under the terms of the deal, US-based Apollo, through its managed funds and entities, will provide an upfront equity contribution of €3.2 billion ($3.7 billion) to the JV. These funds will be directed into Amprion via the joint entity to support major grid upgrade initiatives. The transaction is expected to be finalized in the fourth quarter of 2025, pending regulatory approvals and customary closing conditions.
Amprion is one of four transmission system operators in Germany and is responsible for operating the transmission grid across seven federal states. Its network supplies electricity to approximately 29 million people. The company has outlined significant investment plans for the coming decade, aiming to expand and modernize its grid infrastructure as part of Germany’s broader energy transition.
With Apollo’s backing, RWE will be able to strengthen its financial commitment to Amprion’s grid expansion. The utility views the transmission operator as an attractive investment with stable returns supported by its regulated asset base. By partnering with Apollo, RWE ensures that sufficient capital will be available to fund its share of Amprion’s investment programme.
The structure of the JV allows RWE to retain operational control. RWE will consolidate the joint venture into its financial statements, and dividends from Amprion will be shared between the two partners. Apollo, known for its experience in infrastructure financing, will act as a long-term investor, contributing both capital and expertise to the partnership.
The collaboration is built on the expectation that future equity investments in Amprion will deliver favourable outcomes for investors while providing essential support for Germany’s electricity grid. Amprion’s projects are regarded as vital for integrating renewable energy sources and maintaining supply security as the country continues its transition to a more sustainable power system.
Upon closing of the transaction, the joint venture will prioritize allocating equity in alignment with Amprion’s planned grid development projects. These upgrades are intended to expand capacity, enhance resilience, and prepare the transmission system for the growing share of renewable power in the energy mix.
RWE emphasized that this partnership underlines its commitment to supporting the transformation of Germany’s energy infrastructure. Apollo’s involvement provides additional financial flexibility and stability, ensuring that large-scale investment requirements can be met effectively.
By combining RWE’s operational expertise with Apollo’s financial strength, the joint venture is positioned to play a central role in advancing Germany’s energy transition and meeting future electricity demand.
