• RWE and Apollo to form a Joint Venture over RWE’s 25.1% stake in the German Transmission System Operator Amprion to finance its future growth
• Apollo to provide €3.2 billion in equity, which RWE and Apollo will jointly invest in Amprion over time
• RWE will retain operational control over the Joint Venture as a leading industrial player and experienced shareholder in Amprion

RWE and Apollo Global Management (NYSE: APO), a global asset manager with significant experience in infrastructure investments, have entered into a long-term partnership to secure funding for RWE’s 25.1% stake in Amprion.

Amprion is one of Germany’s four Transmission System Operators (TSO) and operates the transmission grid in the country’s economic heartland, which spans across seven German federal states, serving approximately 29 million people. The TSO plans significant grid expansion investments over the next decade, to enhance critical energy infrastructure. This expansion is essential in facilitating Germany’s commitment to drive the energy transition forward.

With the support of Apollo, RWE reaffirms its commitment to ensure Germany’s energy future is built on a secure, reliable, and efficient grid infrastructure. In recent years, Amprion has been an attractive investment with reliable and stable returns from its regulated asset base. Based on confidence, that future investments will continue to yield attractive and appropriate returns for equity investors, the partnership of RWE and Apollo ensures that the required equity capital for its 25.1% stake is available to support Amprion’s major investment programme over the next decade. At the same time, this partnership aligns with RWE’s strategy to grow its generation portfolio of renewables, batteries, and flexible generation assets and to focus on its core activities of power generation and energy trading.

Structure of the partnership and investment details
Under the agreement, Apollo, on behalf of its managed funds and entities, will pay €3.2 billion to RWE in exchange for an equity stake in a newly established joint venture (JV). This JV will hold RWE’s 25.1% stake in Amprion. RWE will receive the funds upfront and will subsequently reinvest the proceeds into Amprion through the JV as required to support its grid expansion programme. RWE will retain operational control of the JV 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. Apollo, leveraging its long-dated capital and infrastructure-focused investment expertise, will act as a long-term partner to RWE.

The transaction is expected to close in the fourth quarter of 2025, subject to regulatory approvals and customary closing conditions. Once completed, the joint venture will focus on strategically deploying the equity to align with Amprion’s grid expansion roadmap.