US asset manager Apollo is to invest €3.2bn to support the expansion of Germany’s transmission grid.
Apollo said that it had committed the equity on behalf of funds it manages and affiliates to a newly established joint venture with RWE, Germany’s largest power producer.
The JV will be controlled operationally by RWE and will fund its existing 25.1% stake in Amprion, a transmission system operator spanning seven German federal states and serving approximately 29 million people and industrial corporations.
Additionally, the JV will provide equity capital to support Amprion’s investment programme for grid expansion over the next decade. The partners said the JV is supported by “reliable and stable dividend returns from Amprion’s regulated asset base”.
Apollo partner Jamshid Ehsani said: “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. It also reflects Apollo’s commitment to strong, lasting partnerships across both the private and public sectors.
“Looking ahead, we expect to further accelerate our investment activity in Europe, with a particular focus on Germany, France, Italy and the UK.”
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