RWE, Apollo Set Up Joint Venture to Channel $3.7B Investment in German TSO

RWE has struck 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, as the country gears up for a decade of record grid investments.

Under the agreement, Apollo will provide $3.74 billion (€3.2 billion) in equity to a newly formed joint venture with RWE. The vehicle will hold RWE’s 25.1% stake in Amprion and finance its share of the grid operator’s expansion program.

Amprion runs the transmission network across seven federal states, serving around 29 million people in Germany’s industrial heartland. The company plans multi-billion-dollar investments over the next decade to expand and modernize infrastructure critical to Germany’s energy transition.

RWE will retain operational control of the joint venture and continue managing the Amprion stake, with dividends shared between the two partners.

The German utility said the partnership ensures its equity commitments for the coming years while allowing it to focus on its core power generation and trading activities, including the expansion of renewables and battery storage.

Apollo, which has significant experience in long-dated infrastructure investments, described itself as a long-term partner for RWE in supporting the grid’s growth.

The transaction is expected to close in the fourth quarter of 2025, subject to regulatory approval and customary conditions.