RWE retains control as joint venture with Apollo advances major national grid investment

RWE retains control as joint venture with Apollo advances major national grid investment

(IN BRIEF) RWE and Apollo Global Management have finalized their joint venture agreement involving RWE’s 25.1% stake in Amprion, one of Germany’s major electricity transmission system operators. Apollo has invested €3.2 billion for an equity position in the JV, with the funds to be reinvested in Amprion over the coming decade to finance large-scale grid expansion. RWE continues to control and operate the joint venture and will consolidate its results. Amprion, which delivers power across seven German states to almost 29 million residents, is preparing for extensive network upgrades essential to Germany’s energy transition. The completion of the partnership — including all regulatory approvals — secures long-term capital to accelerate this infrastructure growth.

(PRESS RELEASE) ESSEN, 26-Nov-2025 — /EuropaWire/ — RWE and Apollo Global Management (NYSE: APO) have completed their strategic partnership less than three months after signing, establishing a long-term funding platform to support Amprion’s extensive grid-expansion programme in Germany. All regulatory clearances required for the transaction have now been granted, allowing the parties to proceed with investment activities.

The newly formed joint venture holds RWE’s 25.1% interest in Amprion, one of Germany’s four transmission system operators (TSOs). In return for its equity participation, Apollo — investing on behalf of its managed funds — has provided €3.2 billion, which RWE and Apollo will deploy over time through the JV in line with Amprion’s capital requirements. These funds are intended to finance the continued strengthening and expansion of the high-voltage electricity grid across Germany.

RWE will maintain operational leadership of the joint venture and will continue to manage the Amprion stake, which remains fully consolidated in RWE’s financial reporting. The agreement ensures investment certainty for Amprion while preserving governance continuity.

Amprion operates the transmission network across the industrial core of western and central Germany, spanning seven federal states and supplying around 29 million people. The operator has outlined a multi-year investment roadmap to reinforce grid capacity and resilience — key to integrating renewable generation and enabling the country’s long-term energy transition goals.

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SOURCE: RWE