Brookfield adds over 26GW with new acquisition

Brookfield Asset Management is acquiring Aypa Power, which comprises an enterprise value of approximately $10 billion (US$7bn), or $4.2 billion (US$3bn) in equity value.

Brookfield will acquire the business from funds managed by Blackstone Energy Transition Partners through the second vintage of its flagship global transition strategy, alongside its institutional partners, including Brookfield Renewable Partners.

Aypa is the largest standalone battery storage developer in North America, Brookfield said, which contains a diversified portfolio across various power markets in the US and Canada, including 6.5 gigawatts (GW) of operating, under-construction and contracted battery storage capacity, complemented by a development pipeline of over 20GW.

Under the terms of the agreement, Brookfield will acquire Aypa's operating, under-construction and contracted project portfolio, together with its development platform and approximately 200-person team.

Commenting, Brookfield's Energy chief investment officer Jehangir Vevaina 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."

Aypa Power chief executive and founder Moe Hajabed added: "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."

Providing a joint statement, Blackstone senior managing director Bilal Khan and managing director Mark Zhu 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.

"We are proud to have partnered with Aypa and its exceptional management team and look forward to its next phase of growth with Brookfield."