Allianz : invests in the German electricity grid

26.03.2026 | Allianz Global Investors ("AllianzGI") and Talanx Insurance Group ("Talanx") announced today that AllianzGI signed an agreement on behalf of Allianz insurance companies and the Allianz European Infrastructure Fund II, to acquire an indirect stake in the German electricity grid operator Amprion from Talanx. Talanx is part of M31 Beteiligungsgesellschaft, which holds a 74.9 percent stake in Amprion. As part of this partnership, Allianz and Talanx plan to invest significant capital in the expansion of Germany's second-largest electricity grid over the coming years, in order to secure the energy supply for millions of people and drive forward the energy transition.

Amprion is a leading transmission system operator in Europe with an extra-high-voltage grid spanning over 11,000 km and supplies electricity to around 29 million people in Germany. Significant investment will be required over the next few years to construct or upgrade a total of 9,300 km of power lines.

Through this investment, Allianz will work alongside Talanx to help strengthen the country's secure and competitive energy supply and its critical energy infrastructure. Expanding the electricity grid is a key factor in increasing the share of renewable energy whilst also enhancing the stability, flexibility and efficiency of the energy system.

"Long-term infrastructure investments are a key component of our investment strategy. Particularly in the context of the energy transition, electricity grids are becoming increasingly important as the backbone of a decarbonised energy system. We are therefore delighted to make our first direct equity investment in a German electricity grid. Through targeted equity investments, we not only strengthen the resilience of the energy supply but also enable our customers to benefit from attractive, long-term growth trends," explains Mario Skoric, Chief Executive Officer at Allianz Investment Management.

"A modern, resilient electricity grid, alongside traditional and innovative energy transition technologies, is crucial for energy security and competitiveness. As a long-standing investor in energy infrastructure, we are delighted to be working with our like-minded partner Talanx to drive forward the development of Germany's second-largest electricity grid and to generate attractive long-term returns for our clients. The investment in Amprion complements our existing portfolio in Germany very well, which already includes the first German-British electricity interconnector, a recently announced battery storage project, as well as wind and solar farms," says Édouard Jozan, Head of Private Markets, Allianz Global Investors.

"More renewable energy and a better energy supply require greater grid capacity. To achieve the country's climate neutrality by 2045, the proportion of renewable energy fed into the grid must be significantly increased. A modern and efficient grid is essential for this. We are convinced that, together with our partner, we can make an important contribution to the energy security of our country and our customers, and we look forward to working with the Allianz Group," says Dr Jan Wicke, Chief Financial Officer, Talanx AG.

"With this transaction, two established infrastructure partners from the German insurance market are pooling their expertise in the field of electricity grids under an investor agreement. Since 2011, Amprion has proven itself to be a successful and stable investment within the Talanx Insurance Group's infrastructure portfolio. We will support Amprion's long-term growth trajectory over the coming years with additional investments and our network, confident that attractive returns will continue, thereby ensuring that Amprion's long-term financing remains secure," says Dr Thomas Mann, Chief Investment Officer, Ampega Asset Management GmbH.

The transaction is expected to be completed in the second quarter of 2026, subject to the usual closing conditions.