Published by Global Banking & Finance Review®
Posted on February 13, 2026
3 min readLast updated: February 13, 2026
Add as preferred source on GoogleAmprion's stakeholders consider selling stakes to new investors due to rising funding needs for energy networks, as the company plans significant investments by 2029.
LONDON/FRANKFURT, Feb 13 (Reuters) - Major owners of Amprion, Germany's second-biggest power transmission grid, are considering selling stakes to new investors in the face of growing funding needs for energy networks across Europe, two people with knowledge of the matter said.
Some members of M31, a joint venture of investors that owns 74.9% in Amprion, are reviewing options, including shifting holdings to co-shareholders as well as divesting stakes, the people said, adding deliberations were at an early stage.
Amprion said it could not comment on matters relating to its main owner M31, saying it was constantly evaluating financing options for its investments and that it was in talks with various financial institutions to that effect.
M31 and m3one, which handles the management of all matters relating to the joint venture, both declined to comment.
SKY-ROCKETING FINANCING NEEDS
With a grid length of around 11,000 km (6,835 miles) and a regulated asset base - a key gauge of network valuation - of 11.7 billion euros ($13.9 billion), Amprion is Germany's number two high-voltage grid operator after TenneT Germany.
Some shareholders are reviewing their holdings because of sky-rocketing costs of modernising, maintaining and securing Europe's energy grids, the sources said.
Amprion plans to spend more than 36 billion euros by 2029, which requires regular capital increases backed by its owners.
Most recently, Amprion said in December that its shareholders provided 2.2 billion euros in equity.
While grids - which form the backbone of power supply - require more funding for expansion, they offer regulated returns in the mid-single-digit percentage range, making them an attractive investment for infrastructure and pension funds.
M31's biggest shareholder is AEBG, which is backed by five pension funds led by AEVWL. AEVWL told Reuters Amprion's shareholders would have to carefully weigh whether to buy more, sell or sit still and be diluted in case of a potential capital increase.
"Every professional investor will have to consider this decision matrix," Markus Altenhoff, AEVWL's head of capital investment, said in a statement in response to Reuters questions.
M31's other shareholders include Munich Re's asset management arm MEAG Munich Ergo, Swiss Life, Talanx, Commerzbank's Commerz Real and insurer Versicherungskammer.
Commerz Real's Timo Werner, who manages the division's fund that holds a 6% stake in M31, said the group felt "very comfortable" with its investment and that networks were an important part of its strategy.
Versicherungskammer said it intended to remain a long-term investor in M31.
Swiss Life, Talanx and MEAG all declined to comment.
The remaining 25.1% in Amprion is owned by RWE Alkaios Holding, a joint venture formed last year after German utility RWE sold part of its Amprion stake to Apollo Global Management.
The German division of Dutch grid operator TenneT has already seen a major ownership shakeup, with a consortium including sovereign wealth fund Norges buying 46% last year and the German government agreeing to take a blocking minority stake this month.
($1 = 0.8422 euros)
(Reporting by Amy-Jo Crowley and Christoph Steitz; Additional reporting by Alexander Huebner. Editing by Anousha Sakoui and Tomasz Janowski)
Equity refers to the ownership interest in a company, represented by shares of stock. It signifies the value of an owner's stake in the business after all liabilities have been deducted.
Infrastructure financing involves funding for large-scale public works projects, such as transportation systems, utilities, and energy networks, often requiring significant capital investment.
Investment strategies are plans or methods used by investors to allocate their assets in order to achieve specific financial goals, balancing risk and return.
Financial institutions are organizations that provide financial services, such as banks, credit unions, insurance companies, and investment firms, facilitating transactions and managing assets.
Capital markets are financial markets where long-term debt or equity-backed securities are bought and sold, enabling companies to raise funds for expansion and operations.
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