Brookfield Acquires Battery Storage Giant Aypa from BlackStone

Brookfield Asset Management announced today an agreement to acquire Aypa Power, the largest standalone battery storage developer in North America, from Blackstone, in a deal valuing the company at an enterprise valuation of $7 billion.

Founded in 2017, Aypa Power develops, owns, and operates utility-scale energy storage and hybrid renewable energy projects that assist in the decarbonization of the grid. The company’s portfolio consists of 33 projects in operation or under construction across the U.S. and Canada, and more than 70 utility-scale projects in development.

The company, initially named NRStor, was acquired by Blackstone in 2020, with approximately 200 MWh of operational, in-construction and contracted battery storage solution projects and subsequently rebranded as Aypa Power, with broader offerings including utility-scale development. The company has grown to approximately 6.5 GW of operating, under-construction and contracted battery storage capacity, as well as a development pipeline exceeding 20 GW.

Bilal Khan, Senior Managing Director, and Mark Zhu, Managing Director, from Blackstone said:

“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. Since then, the company has established itself as the leading battery storage platform in North America, supported by a premier development pipeline and strong customer relationships.”

According to Brookfield, the acquisition will provide the firm with a leading presence in the North American battery energy storage systems, enhancing its ability to meet growing demand for reliable, flexible power by delivering integrated energy solutions to utilities, corporations and other large power customers. Brookfield noted that Aypa’s operating and under-construction portfolio is 95% contracted under long-term agreements with an average remaining contract life of 17 years, providing strong cash flow visibility, and added that it will partner with Aypa to accelerate the development of its pipeline by leveraging its operating and development expertise, access to capital, and global supplier and commercial relationships.

Jehangir Vevaina, Chief Investment Officer in Brookfield’s Energy group, said:

“We are excited to partner with Aypa to deliver on the company’s scale growth pipeline. 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.”

The acquisition is being made through Brookfield’s second vintage of its flagship global transition strategy, Brookfield Global Transition Fund (BGTF II), which closed last year at $20 billion, institutional partners including Brookfield Renewable Partners.

Moe Hajabed, Founder and CEO of Aypa Power, said:

“This is an extraordinary achievement for the team that built Aypa. 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. 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.”