News Klimavest acquires indirect stake in transmission system operator Amprion

Commerz Real has acquired a stake of around 6 per cent in the Düsseldorf-based M31 Beteiligungsgesellschaft for its infrastructure fund Klimavest, thereby obtaining an indirect share of approximately 4.5 per cent in the transmission system operator Amprion. The asset management subsidiary of Commerzbank founded M31 as long ago as in 2011 for a consortium of institutional investors, acquired 74.9 per cent of the shares in Amprion from RWE, and managed the stake as an asset manager for 10 years. The current seller of the stake of approximately 6 per cent is Ärztliche Beteiligungsgesellschaft S.A. (AEBG), backed by a consortium of five pension funds led by Ärzteversorgung Westfalen-Lippe. AEBG remains the largest shareholder in M31 after the sale. The purchase price has not been disclosed.

The balance sheet total of Amprion GmbH was around 17.6 billion euros at the end of 2024, with an operating profit before interest and taxes (EBIT) of around 1.2 billion euros.

With the stake Klimavest aims to invest long-term in the expansion and modernization of power grids in Germany, expanding its existing portfolio of wind and solar parks to include the grid infra-structure asset class.

According to Commerz Real, power grids in Germany are a highly regulated asset class offering investors stable returns on the invested capital. These returns are regularly reviewed by the Federal Network Agency and determined on the basis of objective criteria.

Amprion operates the second-longest German power transmission network, totalling around 11,000 kilometres in western and south-western Germany. The company, headquartered in Dortmund, also builds direct connections to offshore wind farms in the North Sea and is connected to power grids in the Netherlands, Luxembourg, France, Austria and Switzerland. Thus, it plays a central role in the success of the energy transition in Germany and Europe. By the end of 2029, Amprion plans to in-vest approximately 36.4 billion euros in the expansion and modernization of its transmission net-work. In addition to M31, RWE holds a 25.1 percent stake in Amprion.