Hengeler Mueller advises RWE on partnership with Apollo Global Management to secure funding of German transmission grid investment for the coming years

RWE, one of the leading companies in the field of renewable energy, 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.

Under the agreement, Apollo, on behalf of its managed funds and entities, will provide €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.

Hengeler Mueller advised RWE comprehensively on the transaction.

Hengeler Mueller team for RWE

Corporate/M&A: Thomas Meurer, Tobias Schneiders (both lead), Hartwin Bungert (all partner), Okan Isikay (all Düsseldorf), Caspar Conzen, Christian Wienke (both Frankfurt, all senior associate), Sarah Schadeck, Tim Jaeger (both associate, both Düsseldorf),

Energy Law: Jörg Meinzenbach (partner), Paul David Rieger (senior associate), Luca Bellotti (associate, all Düsseldorf),

Tax: Gunther Wagner (partner), Isabella Zimmerl (senior associate, both Munich),

Employment: Hendrik Bockenheimer (partner, Frankfurt), Kira Fritsche (senior associate, Düsseldorf),

Antitrust: Markus Röhrig (partner), Christian Dankerl (counsel, both Brussels),

FDI: Vera Jungkind (partner), Jan Schülting (senior associate, both Düsseldorf).