RWE, Apollo Global Management forming joint venture to invest €3.2 billion in German TSO

September 8, 2025, by Adrijana Buljan

RWE and the global asset manager and infrastructure investor, Apollo Global Management, have signed an agreement under which Apollo will pay €3.2 billion to RWE in exchange for an equity stake in a to-be-established joint venture (JV), which will hold RWE’s existing 25.1% stake in the German transmission system operator (TSO) Amprion.

As per the agreement, RWE will receive the funds from Apollo upfront and will then reinvest the proceeds into Amprion through the JV that RWE and Apollo will establish, which will focus on strategically deploying the equity to align with Amprion’s grid expansion roadmap, according to RWE.

Amprion is one of Germany’s four TSOs and operates the transmission grid in the country, which spans seven German federal states, serving approximately 29 million people. The TSO plans significant investments in grid expansion over the next decade to enhance critical energy infrastructure and facilitate Germany’s commitment to drive the energy transition forward, RWE says.

According to Amprion, the TSO plans to invest around €36.4 billion in expanding its grid by 2029.

In addition to the onshore transmission infrastructure, Amprion is also actively involved in the offshore wind grid market, with several offshore grid connections in development or under construction.

This June, the TSO received planning approval to begin construction work on the BalWin1 and BalWin2 offshore grid connection projects in the German North Sea, and construction is currently well underway on Amprion’s BorWin4 and DolWin4 grid connections.

Germany greenlights DolWin4, Amprion’s first offshore grid connection

Business Developments & Projects

Amprion has two shareholders: M31 Beteiligungsgesellschaft mbH & Co. Energie KG, a consortium of utility companies and predominantly German institutional financial investors from the insurance industry, which holds 74.9% and RWE AG, which holds a 25.1% share.

The transaction between RWE and Apollo that will see the new joint venture become the owner of RWE’s stake is expected to close in the fourth quarter of 2025, subject to customary closing conditions and regulatory approvals.

RWE will retain operational control of the new joint venture and continue to manage the Amprion stake while consolidating the JV in its financial statements. Dividends from Amprion will be shared between RWE and Apollo, which will act as a long-term partner to RWE.