Apollo commits €3.2 Billion to RWE joint venture supporting german energy transition

The joint venture will acquire and finance RWE’s existing 25.1% stake in Amprion, one of Germany’s four transmission system operators, which spans seven federal states and serves around 29 million people and industrial clients. Operational control will remain with RWE.

Amprion is at the forefront of Germany’s Energiewende, tasked with executing a multi-billion-euro grid expansion program over the next decade. The joint venture’s capital injection will help ensure sufficient equity backing to fund this ambitious investment plan, which is seen as critical to meeting Germany’s decarbonization and energy security goals.

For Apollo, the deal is another example of its ability to deliver large-scale, tailored capital solutions to major corporations and essential infrastructure projects. Jamshid Ehsani, Partner at Apollo, commented:
“This partnership with RWE will help fund long-term capex for critical grid expansion in Germany to power homes and industry, and it underscores our focus on delivering tailored capital solutions to leading global companies and essential infrastructure.”

The investment also fits squarely within Apollo’s European growth strategy. Since 2020, the firm has originated over $100 billion of bespoke, high-grade solutions for corporates and infrastructure assets across the continent, including EDF, BP, Vonovia, Air France-KLM, AB InBev and Intel’s Fab 34 in Ireland. Earlier this year, Apollo announced it expects to deploy more than $100 billion in Germany alone over the next decade.

For RWE, the deal is consistent with its strategy to channel resources toward expanding its renewables, battery storage, and flexible generation portfolio, while continuing to focus on core power generation and energy trading activities. The partnership with Apollo provides financial flexibility, while maintaining strategic influence over Amprion’s future development.

Latham & Watkins advised Apollo on the deal, while RWE was represented by Hengeler Mueller. Paul, Weiss, Rifkind, Wharton & Garrison also acted for Apollo.

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