Brookfield Asset Management agreed to acquire battery storage developer Aypa Power from Blackstone Energy Transition Partners for an enterprise value of approximately $7 billion at closing, representing an equity value of $3 billion.
The transaction, pursued through Brookfield’s second flagship global transition fund alongside institutional partners including Brookfield Renewable Partners, provides Brookfield with an expanded entry point into the North American energy storage market. Under the terms of the deal, Brookfield will acquire Aypa’s operating, under-construction, and contracted project portfolio, its development platform, and its 200-person team.
Aypa holds 6.5 GW of operating, under-construction, and contracted battery energy storage capacity across the United States and Canada, along with a development pipeline exceeding 20 GW across more than 70 utility-scale projects. The company’s operating and under-construction portfolio is 95% contracted under long-term agreements with investment-grade off-takers, carrying an average remaining contract duration of 17 years.
Originally founded in 2017 as NRStor C&I, the developer was acquired by Blackstone in 2020 with roughly 0.2 GWh of operational, under-construction, and contracted capacity before rebranding to Aypa Power and shifting toward utility-scale developments.
The transaction is subject to customary regulatory approvals. Cantor Fitzgerald & Co. and Bank of America served as financial advisors to Aypa and Blackstone, with Kirkland & Ellis acting as legal counsel. White & Case served as legal advisor to Brookfield.
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