Brookfield has agreed to acquire North American battery storage developer Aypa Power from Blackstone Energy Transition Partners for an equity value of $3bn (€2.62bn), in a deal giving the business an enterprise value of approximately $7bn.
Aypa holds a 6.5GW portfolio of operating, under-construction and contracted capacity across the US and Canada, alongside a development pipeline exceeding 20GW.
Brookfield is acquiring Aypa’s operating, under-construction, and contracted project portfolio, together with its development platform and approximately 200-person team, in a transaction that gives the manager a “leading presence in the North American battery energy storage systems market”.
The investment is being made through the manager’s Brookfield Global Transition Fund II strategy, alongside institutional partners including Brookfield Renewable Partners.
Jehangir Vevaina, CIO 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.”
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.”
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.”
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