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RWE has agreed a €3.6 billion transaction that will give it a controlling interest in German transmission system operator (TSO) Amprion, marking a significant expansion of its presence in electricity network infrastructure as Germany accelerates its energy transition.
The acquisition will increase RWE’s shareholding in Amprion from 20% to 55% through the purchase of a 35% indirect stake from five shareholders in M31. The deal is expected to close during the third quarter of 2026, subject to regulatory approvals.
The move reflects the growing importance of electricity transmission networks as renewable generation continues to expand across Europe. Strengthening grid infrastructure is widely regarded as essential for integrating greater volumes of wind and solar power while maintaining system reliability.
RWE said the acquisition will immediately boost earnings per share and support long-term growth. The company also confirmed plans to invest €6.5 billion through its Amprion stake by 2031 to help expand Germany’s electricity transmission network.
Amprion operates an 11,000-kilometre extra-high-voltage grid that supplies electricity to around 29 million people across Germany, making it one of the country’s most important transmission operators.
Alongside the acquisition, RWE reaffirmed its wider €35 billion investment programme covering renewable energy, battery storage and flexible generation assets. The company also maintained its dividend policy, which targets annual growth of 10%.
To finance the transaction, RWE has launched an accelerated bookbuilding process to raise equity capital of up to 10%. The utility expects gross proceeds of approximately €4 billion, with cornerstone investors Qatar Investment Authority and Norges Bank Investment Management committing around €1 billion.
“We are expanding RWE’s portfolio into grid infrastructure. By increasing our stake in Amprion and providing additional funding for the expansion of Germany’s transmission grid, we gain further attractive growth opportunities,” said Dr Markus Krebber, CEO of RWE AG.
“These complement our existing investment plans in renewables, battery storage and flexible generation. In doing so, we will make a substantial contribution to the development of a resilient and robust energy system in Germany.”
Amprion also welcomed the investment, describing it as an important milestone in supporting the extensive infrastructure spending required to modernise the country’s electricity network.
“We welcome this transaction and see it as a sign of confidence in our strategy and performance. It is an important step towards financing the major investments ahead and supporting our growth,” said Dr Christoph Müller, CEO of Amprion GmbH.
“The shareholding is consequently positive for the success of the energy transition.”
Germany is investing heavily in expanding and modernising its transmission infrastructure as increasing volumes of renewable electricity are generated far from major centres of demand. New grid capacity is expected to play a crucial role in improving energy security, supporting industrial electrification and helping the country meet its long-term climate objectives.
About RWE
RWE is one of Europe’s largest energy companies, operating across renewable energy, electricity generation, energy trading and power infrastructure. The company is investing heavily in offshore and onshore wind, solar power, battery storage and flexible generation as part of its strategy to support the transition to a low-carbon energy system. RWE has operations in numerous international markets and is among the leading investors in renewable energy projects across Europe and North America.
Official website: https://www.rwe.com
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