Brookfield to Buy Aypa Power from Blackstone in $7B Battery Storage Deal
Brookfield has agreed to acquire Aypa Power from funds managed by Blackstone Energy Transition Partners at approximately $7 billion enterprise value, or $3 billion in equity value, securing what the firm describes as a leading position in the North American battery energy storage market. The transaction includes Aypa’s full operating, under-construction, and contracted project portfolio, its development platform, and its approximately 200-person team.
Aypa is the largest standalone battery energy storage platform in North America, with approximately 6.5 gigawatts of operating, under-construction, and contracted capacity and a development pipeline exceeding 20 gigawatts. Ninety-five percent of the operating and under-construction portfolio is contracted under long-term agreements with investment-grade customers, with an average remaining contract life of 17 years.
Brookfield is making the investment through the second vintage of its flagship global transition strategy, alongside its institutional partners including Brookfield Renewable Partners.
“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,” said Jehangir Vevaina, chief investment officer, Brookfield Energy group.
Moe Hajabed, founder and CEO of Aypa Power, credited the six-year Blackstone partnership with helping grow Aypa into the largest storage-focused independent power producer in North America and establishing battery storage as critical grid infrastructure.
Cantor Fitzgerald & Co. acted as lead financial advisor, with BofA also serving as financial advisor, to Aypa and Blackstone. Kirkland & Ellis acted as legal counsel to Aypa and Blackstone. White & Case acted as legal advisors to Brookfield.
