German energy company and leading offshore wind developer RWE has agreed with five shareholders in M31 on the acquisition of indirect shares in Amprion, one of Germany’s four transmission system operators (TSOs)
Amprion has two shareholders, M31 and RWE Alkaios. M31 holds 74.9% of the shares in Amprion and is a consortium of predominantly German institutional financial investors. As a result of the transactions, RWE will also become a shareholder in M31. RWE Alkaios, a joint venture between RWE and Apollo Global Management, holds the remaining 25.1%. After completion of all of the acquisitions, RWE’s total pro rata share in Amprion will amount to 55%.
The aggregate purchase price across all acquisitions amounts to €3.6Bn.
Amprion operates an 11,000-km long extra-high-voltage grid that transports electricity from the North Sea to the Alps, placing the company at the core of Germany’s energy system.
A massive expansion of the country’s transmission grid will be necessary in the coming years to ensure the success of the energy transition. RWE said it will contribute funds towards the substantial investments required for this.
RWE chief executive Dr Markus Krebber said increasing the company’s stake in Amprion and providing additional funding for the expansion of the grid will provide attractive growth opportunities. “These complement our existing investment plans in renewables, battery storage and flexible generation,” he said.
“We will make a substantial contribution to the development of a resilient and robust energy system in Germany. Upon completion of the announced equity capital raise, funding for the additional investments through 2031 will also be secured. The transactions increase earnings per share from day one. For 2031, we intend to raise our target from €4.40 to €4.55 per share.”
Amprion chief executive Dr Christoph Müller said he welcomed the transaction and sees it as a sign of confidence in the TSO’s strategy and performance. “It is an important step towards financing the major investments ahead and supporting our growth,” he said, describing the transaction as “positive for the success of the energy transition.”
Amprion will remain an independent TSO, in line with legal unbundling requirements. It will continue to operate under its existing brand and management team. RWE said it will continue to consolidate its stake in Amprion at equity. It is expected that all of the transactions will be completed in Q3/2026.
