Alternative asset management company Brookfield has agreed to acquire North American IPP Aypa Power from funds managed by Blackstone Energy Transition Partners in a deal valued at approximately US$7 billion in enterprise value at closing, with an equity value of US$3 billion.
The acquisition will give Brookfield ownership of Aypa’s operating, under-construction and contracted battery energy storage portfolio, together with its development platform and workforce of around 200 employees. Brookfield said the transaction will establish a leading position in the North American battery energy storage systems (BESS) market while supporting Aypa’s next phase of growth.
Aypa is described as North America’s largest standalone battery storage developer, with around 6.5 GW of operating, under-construction and contracted battery storage capacity. The company also has a development pipeline exceeding 20 GW, with projects located in transmission and capacity-constrained regions across the United States and Canada.
Its operating and construction portfolio is 95% contracted under long-term agreements with investment-grade customers, with an average remaining contract life of 17 years. Brookfield said Aypa’s expertise in project siting, transmission analysis, procurement and contracting has supported the platform’s development performance.
Following completion, Brookfield plans to work with Aypa to accelerate development of its project pipeline by combining its operational expertise, access to capital and supplier relationships to meet growing demand for reliable and flexible power.
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.”
Moe Hajabed, Founder and Chief Executive Officer 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.”
The transaction remains subject to customary regulatory approvals.
Image: Modern honeycomb building facade. Credit: Brookfield
