Sovereign wealth fund Norges Bank Investment Management (NBIM) has acquired a direct 10 per cent co-investment stake in North American battery storage developer Aypa Power for $300 million, executing its first dedicated investment in energy storage infrastructure.
The transaction closed on 28 October 2026, with NBIM investing alongside asset management firm Brookfield. The direct stake complements NBIM’s existing indirect exposure to Aypa Power held through its participation in the Brookfield Global Transition Fund (BGTF) strategy.
The deal follows Brookfield’s acquisition of Aypa Power from private equity funds managed by Blackstone Energy Transition Partners in July 2026.
Key financial, operational, and strategic elements of the deal include:
- Transaction size: $300 million for a direct 10 per cent equity interest in Aypa Power.
- Asset portfolio: Aypa Power manages approximately 6.5 GW of operational, under-construction, and contracted battery storage capacity across the US and Canada.
- Development pipeline: The platform holds an advanced development pipeline exceeding 20 GW of grid-scale battery storage assets.
- Portfolio strategy: Expands NBIM’s unlisted infrastructure portfolio beyond existing offshore wind, onshore wind, and solar assets into utility-scale storage.
Harald von Heyden, Global Head of Energy and Infrastructure at Norges Bank Investment Management, stated that battery storage is becoming a crucial component of grid stability as renewable energy generation scales.
Von Heyden added that the investment complements NBIM’s existing wind and solar holdings while expanding its long-term partnership with Brookfield.
