RWE is set to become the majority owner of German transmission system operator (TSO) Amprion after agreeing to acquire additional indirect shares and completing a EUR 4 billion equity capital raise to finance the transaction.
The German energy company announced on 22 June that it had reached agreements with five shareholders of investment vehicle M31 to acquire indirect stakes in Amprion for a total of EUR 3.6 billion. This acquisition will increase RWE’s ownership in the TSO to 55% from 25.1%.
Amprion is one of Germany’s four transmission system operators, managing an 11,000-kilometer extra-high-voltage network supplying around 29 million people. Beyond onshore transmission, Amprion is active in the offshore wind grid market, with several offshore grid connections in development or under construction.
The deal builds on RWE’s existing investment in Amprion through RWE Alkaios, a joint venture with Apollo Global Management, which acquired a 25.1% stake in 2025.
RWE has committed to providing EUR 6.5 billion by 2031 to support Amprion’s grid infrastructure expansion. Approximately EUR 2.5 billion had already been allocated, with an additional EUR 4 billion to be invested following the increased stake.
To fund the acquisition and future commitments, RWE launched an equity capital raise on 22 June, placing 74.3 million shares, including newly issued and treasury shares, generating gross proceeds of about EUR 4 billion.
The offering was significantly oversubscribed, with cornerstone investors Qatar Investment Authority and Norges Bank Investment Management acquiring shares worth around EUR 1 billion in total.
RWE expects the acquisition to close in the third quarter of 2026, subject to regulatory approvals.
Original Story at www.offshorewind.biz