RWE’s move to team up with Apollo Global Management for its Amprion stake isn’t just a financial play—it’s a strategic bet on Germany’s grid future. The deal, worth $3.74 billion, does more than unlock capital for RWE. It signals confidence in Amprion’s role as a backbone of Germany’s energy transition. Amprion operates in the industrial heartland, serving 29 million people, and is gearing up for a decade of heavy investment. This partnership ensures that money won’t be the bottleneck.
RWE isn’t walking away—it’s staying in the driver’s seat. The utility will retain operational control of the joint venture, managing Amprion’s stake and sharing dividends with Apollo. This setup lets RWE focus on its core business: power generation, renewables, and battery storage. Meanwhile, Apollo brings its infrastructure expertise to the table, positioning itself as a long-term partner in Germany’s grid expansion.
For Apollo, this isn’t just another investment—it’s a commitment to a decades-long project. The firm’s experience in long-dated infrastructure aligns with Amprion’s needs, as the grid operator prepares for multi-billion-dollar upgrades. The deal is set to close in the fourth quarter of 2025, pending regulatory approval.
This partnership could set a precedent for how utilities and investors collaborate on grid modernization. With Germany’s energy transition accelerating, the need for reliable, scalable infrastructure is only growing. RWE’s move shows that even as utilities pivot toward renewables, the grid remains a critical piece of the puzzle—and one that demands serious investment.