Global asset manager Brookfield has signed a definitive agreement to acquire Aypa Power from funds managed by Blackstone Energy Transition Partners in a transaction valuing the business at approximately $7 billion in enterprise value, or $3 billion in equity value.
Aypa Power operates as the largest standalone battery energy storage platform in North America, maintaining a portfolio situated across capacity-constrained power markets in the United States and Canada.
Under the terms of the agreement, Brookfield will acquire Aypa’s operating, under-construction, and contracted project portfolio, its development platform, and its approximately 200-person workforce. The transaction provides Brookfield with a scaled entry into the North American battery energy storage systems (BESS) sector, executed through the second vintage of its flagship global transition fund alongside institutional partners including Brookfield Renewable Partners.
Aypa’s operational and contracted capacity stands at approximately 6.5 GW, backed by a development pipeline exceeding 20 GW. The operating and under-construction portfolio is 95% contracted under long-term agreements with investment-grade counterparties, featuring a weighted average remaining contract duration of 17 years.
Jehangir Vevaina, Chief Investment Officer in Brookfield’s Energy group, noted the expanding role of energy storage in power grid infrastructure.
“We are excited to partner with Aypa to deliver on the company’s scale growth pipeline,” said Vevaina. “Battery storage is increasingly critical to the reliability and resilience of today’s energy systems, and bringing together this leading platform with Brookfield’s broad capabilities across technologies and geographies further strengthens our ability to deliver integrated energy solutions to the world’s largest buyers of power.”
Moe Hajabed, Founder and Chief Executive Officer of Aypa Power, commented on the platform’s trajectory following its six-year ownership period under Blackstone.
“Over the past six years, with Blackstone’s partnership, we grew Aypa into the largest and most valuable storage-focused independent power producer in North America,” Hajabed stated. “Together, we helped establish battery storage as critical infrastructure, essential to a more reliable and resilient grid. I look forward to seeing Aypa flourish further under Brookfield’s ownership.”
Bilal Khan, Senior Managing Director at Blackstone, and Mark Zhu, Managing Director, highlighted the underlying demand drivers for storage capacity, including expanding power demand from artificial intelligence infrastructure.
“We invested in Aypa based on our conviction that battery storage would become increasingly critical to supporting grid reliability and meeting growing electricity demand from AI and other use cases,” Khan and Zhu noted in a joint statement. “Since then, the company has established itself as the leading battery storage platform in North America.”
The transaction remains subject to customary regulatory approvals. Cantor Fitzgerald & Co. acted as lead financial advisor, with BofA Securities also advising Aypa and Blackstone, alongside legal counsel from Kirkland & Ellis. White & Case acted as legal counsel to Brookfield.
