Norges Bank Investment Management (NBIM), which manages Norway’s sovereign wealth fund, has acquired a 10% direct stake in North American battery storage platform Aypa Power for $300m (€267m).
The transaction, which represents the first direct investment in battery storage for Norway’s NOK21.34trn (€2.04trn) sovereign wealth fund, expands on its existing indirect exposure to Aypa Power via the Brookfield Global Transition Fund strategy.
Harald von Heyden, global head of energy and infrastructure at NBIM, said: “This is our first dedicated investment in battery storage. Storage is becoming an essential part of the energy system as the share of renewable generation grows, and it complements our existing wind and solar portfolio. We are pleased to expand our partnership with Brookfield.”
NBIM is investing as a co-investor alongside Brookfield, which agreed to buy Aypa Power from Blackstone Energy Transition Partners in July in for an equity value of $3bn, 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 bought Aypa’s operating, under-construction and contracted project portfolio, together with its development platform and approximately 200-person team.
To read the latest IPE Real Assets magazine click here.
