Apollo Global invests EUR 3.2B in joint venture with RWE

Apollo announced that Apollo-managed funds and affiliates have agreed to commit EUR 3.2B of equity to a newly established joint venture with RWE. The JV will be operationally controlled by RWE and hold and fund RWE’s 25.1% stake in Amprion, a Transmission System Operator spanning across seven German federal states and serving approximately 29M people and industrial corporations. The JV will provide the required equity capital for its 25.1% stake to support Amprion’s major investment program for grid expansion over the next decade, enhancing critical German energy infrastructure. The JV is supported by reliable and stable dividend returns from Amprion’s regulated asset base. For RWE, the partnership with Apollo also aligns with its 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. The transaction is subject to regulatory approvals and customary closing conditions, and it is expected to close in the fourth quarter of 2025.