Network Infrastructure Participation in electricity grids

The electric motorway of the energy transition 
A worker in blue protective clothing climbing a power tower in a clear sky.

Key figures at a glance

  • Location: NRW, Saarland and RLP/Germany
  • Type of infrastructure: Mains power supply
  • Size: 11,000 km of high-voltage network
  • In the portfolio since: May 2025
  • Power supply current: Regulated grid remuneration
  • Status: In Service
  • Supply area: 29 million people1
  • Network operator: Amprion
  • Share of klimaVest portfolio: 25.6
All figures and facts can be found in the latest annual report

Impressions

View from below through a power tower into the blue sky with white clouds.
View of a power tower from below.
Worker on power tower, secured, with landscape in the background.
Power tower with workers.
Workers on lifting platforms repairing power lines on a large power tower under a blue sky.
Power tower with workers.

About the participation 

Second largest asset class in the klimaVest portfolio

klimaVest has expanded its portfolio with a strategic dimension: Network infrastructure. With 25.6 percent, it is now the second largest asset class of klimaVest. After generating electricity from wind and solar, the fund invests in the infrastructure that is being expanded for the transport of renewable energy.

klimaVest invested in Amprion, one of the four German transmission system operators. The company was entered via the M31 subsidiary, which is the main owner of Amprion with almost 75 percent. klimaVest indirectly holds around 4.5 percent of Amprion. A further 25.1 percent is held by RWE Alkaios Holding GmbH, a joint venture of RWE AG and Apollo Global Management. 

Amprion

Four transmission system operators are responsible for the high-voltage grid in Germany. Amprion is one of them. Meet Amprion 
Meet Amprion
A sign with “Amprion GmbH” in front of a blue sky with white clouds and a tree.

11,000 kilometres of high-voltage network

Amprion operates a high-voltage grid of around 11,000 kilometres that stretches from Lower Saxony to the Alps.1 This area generates one third of Germany’s economic output, with around 29 million people living in the grid region. The transmission network transports energy over long distances - comparable to motorways in road traffic. 
 

Regulated by the Federal Network Agency

The Federal Network Agency regulates the business model and guarantees economic stability. The four German transmission system operators - Amprion, 50Hertz Transmission, TenneT and TransnetBW - are natural monopolists, each with its own control area. The Federal Network Agency sets the interest rate and reviews it regularly every five years.2 This business model offers investors stable returns - regardless of whether the sun shines or the wind blows.    


36.4 billion euro investment plan by 2029

Amprion currently operates 11,000 kilometres of high-voltage lines and plans to invest 36.4 billion euros by the end of 20291. During this period, 9,300 kilometres will be built or expanded - a massive expansion of the network for the energy transition1.

Electricity grids as the key to the energy transition  

Germany has set itself the goal of becoming greenhouse gas neutral by 2045.3 Already today, over 50 percent of Germany’s electricity comes from renewable sources, and by 2030 it is set to be at least 80 percent.4 But the existing electricity grid has not been able to cope with this new reality.  

The growing amount of electricity from wind and solar always leads to grid bottlenecks. In 2024, around 9.4 terawatt hours of renewable electricity had to be cut to avoid overloads5 - that’s about the equivalent of Germany’s electricity consumption in a week. At the same time, the demand for electricity is increasing due to the increasing electrification of transport, industry and buildings: Electricity demand is expected to grow from around 525 TWh in 2023 to up to 750 TWh by 2030.6 While wind energy is mainly produced in the north and east of Germany, the largest demand is in the industrial regions in the south and west.6 The expansion of the electricity grids is therefore essential to bring green electricity where it is needed. 

A power tower protrudes into the blue sky, surrounded by white clouds.

Massive investment needs by 2045 

The decarbonisation of the German economy requires massive expansion and conversion of the electricity grid infrastructure. The Institute for Macroeconomics and Economic Research estimates total needs to be 651 billion euros by 2045 - of which 328 billion euros for transmission networks and 323 billion euros for distribution networks.7
According to calculations by EY Germany and the Federal Association of the Energy and Water Industry, investments of 721 billion euros will be required by 2030 alone to achieve the goals of the energy transition.8 41 percent of this sum is attributable to the expansion of energy networks. The investments required by 2040 could generate a gross value added of over 52 billion euros per year, which is 1.5 percent of Germany’s total value added.8 

The electricity grid as a transport system 

The German electricity grid functions like a complex transport system: The transmission networks with a maximum voltage of 220 to 380 kilovolts form the motorways and transport enormous amounts of energy over long distances. High-voltage networks with 60 to 110 kilovolts act as federal roads for supraregional distribution, medium-voltage networks with 10 to 30 kilovolts as circular roads for local distribution, and low-voltage networks with 230 to 400 volts deliver electricity directly to households as urban roads.9  
A worker in blue protective clothing climbing on a power tower in front of a cloudy sky.
A worker in blue protective clothing repairing large industrial isolators.

Tripling of network users by 2030 

The electrification of transport, industry and buildings is driving a steady growth in demand for electricity. 26.5 million additional grid users are expected by 2030 - an increase of over 305 percent compared to 2023.10 These include heat pumps, charging points for electric vehicles and photovoltaic systems. This development greatly increases the demands on the grid infrastructure and makes the expansion of the electricity grids a prerequisite for the success of the energy transition. 
A man in a grey suit stands in front of a structured, weathered wall and smiles into the camera.
Timo Werner
klimaVest fund manager since the first hour in 2020
klimaVest is the first open-ended fund through which private investors can invest in the area of the electricity grid that is so important for the implementation of the German energy transition and its expansion. 

New asset class: from generation to transfer  

With the investment in Amprion, klimaVest expanded its portfolio to a completely new dimension. Whereas the fund previously invested exclusively in wind and solar farms that generate electricity, the grid infrastructure now enables access to a complementary asset class: the transmission and distribution of renewable energy.

The investment fits strategically into the klimaVest portfolio. While wind and solar plants depend on weather conditions and feed-in tariffs, the regulated grid infrastructure offers stable, predictable yields. This diversification strengthens the fund’s risk-return structure and makes klimaVest the first open-ended private investor fund in Germany to invest in electricity grids.

Proven expertise from ten years of asset management

The purchasing process followed the proven standards of Commerz Real: Neutral appraisers have been used to ensure a reasonable purchase price, as is customary for each investment of the Fund. Commerz Real has many years of expertise in the field of network infrastructure. Already in 2011, the company founded M31 KG for a consortium of institutional investors, acquired 74.9 percent of the shares in Amprion from RWE and successfully managed the investment as an asset manager for ten years.

This history gives klimaVest a decisive benefit: Commerz Real knows the asset, the structures and the market dynamics from many years of experience. Participation is therefore not an entry into the unknown, but is based on proven relationships and in-depth knowledge.

Long-term investment in critical infrastructure

The holding in Amprion is a long-term investment in critical infrastructure with stable returns. The combination of government regulation, priority expansion plans and the central role of electricity grids for the energy transition makes this asset class an attractive component in the klimaVest portfolio. The investment directly contributes to the expansion of the German high-voltage grids and thus to the successful implementation of the energy transition in Germany.

Michael Henn is Global Head of Green Deal Infrastructure. Michael Henn leans against a green wall, next to him is a metal sculpture.
Grid expansion is a key element in the successful implementation of the energy transition and will be driven forward massively in the coming years. This requires billions of dollars in investment.
Michael Henn
Global Head of Green Deal Infrastructure Commerz Real

Three good reasons for this investment 

  • New asset class with stable returns
    Network infrastructure supplements the klimaVest portfolio with a regulated asset class with predictable yields - regardless of weather conditions. 
  • Core infrastructure of the energy transition
    Without efficient power grids, the growing amount of renewable energy cannot be transported to consumers. Amprion is investing over 36 billion euros in network expansion by 2029.1
  • First open-ended private investor fund in electricity grids
    klimaVest enables private investors to access German grid infrastructure for the first time - an asset class previously reserved for institutional investors.
klimaVest portfolio

More insights into the portfolio

The klimaVest portfolio: 43 locations. 6 countries. A portfolio. See where klimaVest is investing - with an interactive map and detailed information on each asset.

Windmills stand in a green forest landscape under a clear sky.
Aerial view of a large-scale solar farm with photovoltaic panels in a dry landscape
Windmills on a field at sunset, with a vast sky and soft clouds.
Power tower protruding into the blue sky, surrounded by clouds and sunlight.
A tractor drives through a field next to solar panels and colourful flowers under a blue sky.
Cattle pasture with a wind turbine at the Moanvane Wind Farm.
A large solar power plant on a field under a cloudy sky.
Windmills on a field at sunset, with a cloudy sky in the background.
Wind farmKuuronkallio
TypeWind farm
Country/CountriesFinland
Rated Output58,8 MW
On the Grid since1/27/2020
Show Details

1Amprion: Grid Expansion / Transmission Grid and Grid Area, https://www.amprion.net/Ueber-uns/Unser-Netz/

2Federal Network Agency: Incentive Regulation, https://www.bundesnetzagentur.de/DE/Fachthemen/ElektrizitaetundGas/Netzentgelte/Anreizregulierung/start.html

3Federal Climate Protection Act, https://www.bundestag.de

4Renewable Energy Act (EEG) 2023, https://www.bundestag.de

5EnBW: Why Wind Turbines Stand Still Despite the Wind, https://www.enbw.com/unternehmen/themen/windkraft/warum-windraeder-stillstehen.html (June 2025)

6Federal Ministry for Economic Affairs and Climate Action: Our Electricity Market for the Energy Transition / An Electricity Grid for the Energy Transition, https://www.bundeswirtschaftsministerium.de/Redaktion/DE/Dossier/strommarkt-der-zukunft.html and https://www.bundeswirtschaftsministerium.de/Redaktion/DE/Dossier/netze-und-netzausbau.html

7Tom Bauermann, Patrick Kaczmarczyk, Tom Krebs: “Expansion of the Power Grids: Investment Needs,” IMK Study 97, Institute for Macroeconomics and Economic Research (IMK) of the Hans Böckler Foundation, Düsseldorf, December 2024, https://www.imk-boeckler.de

8EY Germany and BDEW (German Association of Energy and Water Industries): “Progress Monitor 2024 – Energy Transition,” April 2024, https://www.bdew.de

9VDE: The Power Grid in Germany: What It Can Do and How It Works, https://backbone.vde.com/das-stromnetz-was-es-kann-wie-es-funktioniert/ (July 2025)

10EY Germany: “Energy Networks – Electricity, Gas, and Heat,” 2024, https://www.ey.com/de_de