Brookfield (renewable energy investor) has agreed to acquire Aypa Power (Battery storage developer) from funds managed by Blackstone Energy Transition Partners in a transaction valued at approximately USD 7 billion enterprise value, or USD 3 billion in equity value, marking one of the most significant deals to date in the North American battery energy storage sector.

Deal Scope and Structure

The acquisition, announced, will transfer Aypa's entire operating, under-construction, and contracted project portfolio to Brookfield, along with the company's development platform and its approximately 200-person team.

Brookfield is pursuing the investment through the second vintage of its flagship global transition strategy, alongside institutional partners that include Brookfield Renewable Partners. The transaction remains subject to customary regulatory approvals.

Cantor Fitzgerald acted as lead financial advisor to Aypa and Blackstone, with BofA also serving as financial advisor on that side of the deal. Kirkland and Ellis provided legal counsel to Aypa and Blackstone, while White and Case acted as legal advisors to Brookfield.

What Brookfield Is Buying

Aypa Power is currently described as the largest standalone battery energy storage platform in North America. The company has approximately 6.5 gigawatts of operating, under-construction, and contracted battery storage capacity, supported by a development pipeline exceeding 20 gigawatts.

In total, Aypa has 35 projects currently in operation or under construction. Its assets are strategically located in what the companies describe as transmission- and capacity-constrained regions experiencing favorable market dynamics.

The operating and under-construction portfolio is 95 percent contracted under long-term agreements with investment-grade customers, with an average remaining contract life of 17 years. Brookfield characterized this structure as providing strong cash flow visibility and resilient returns.

Aypa launched its first project in 2018 and has since grown into what the parties describe as a core infrastructure asset class within energy storage. The company develops, owns and operates utility-scale energy storage and hybrid renewable energy projects across the United States and Canada.

Strategic Rationale for Brookfield

Brookfield framed the acquisition as a scaled entry point into the North American battery energy storage systems market, a sector it views as increasingly central to grid reliability and power system resilience. The deal is also positioned as enhancing Brookfield's ability to deliver integrated energy solutions to utilities, corporations, and other large power buyers.

Brookfield intends to leverage its operating and development expertise, access to capital, and global supplier and commercial relationships to accelerate the build-out of Aypa's development pipeline.

The company highlighted Aypa's market-leading capabilities in siting, transmission analytics, procurement and contracting as attributes that contribute to strong development execution and project-level economics.

Jehangir Vevaina, Chief Investment Officer in Brookfield's Energy group, said the combination brings together a leading platform with Brookfield's broad capabilities across technologies and geographies.

"Battery storage is increasingly critical to the reliability and resilience of today's energy systems," Vevaina said, "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."

Blackstone's Six-Year Build

Blackstone's Energy Transition Partners invested in Aypa with a thesis that battery storage would become critical infrastructure as electricity demand grew, including from artificial intelligence and other power-intensive use cases. Over approximately six years of ownership, Aypa grew into what Blackstone describes as the leading battery storage platform in North America.

Bilal Khan, Senior Managing Director at Blackstone, and Mark Zhu, Managing Director at Blackstone, said in a joint statement that the company had established itself as the leading battery storage platform in North America, supported by a premier development pipeline and strong customer relationships.

"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," they said.

Aypa's Founding CEO Reflects on the Journey

Moe Hajabed, who founded Aypa Power and serves as its Chief Executive Officer, described the sale as an extraordinary achievement for the team that built the company. Hajabed credited Blackstone's partnership with enabling Aypa's growth into the largest and most valuable storage-focused independent power producer in North America over the past six years.

"Together, we helped establish battery storage as critical infrastructure, essential to a more reliable and resilient grid," Hajabed said. "I look forward to seeing Aypa flourish further under Brookfield's ownership."

Market Context

The transaction reflects the rapid maturation of battery energy storage as an infrastructure asset class. From its origins as an emerging technology, utility-scale battery storage has increasingly been recognized by investors, utilities and regulators as essential to managing grid reliability, integrating renewable energy and meeting accelerating power demand growth.

The scale of the Aypa deal, at USD 7 billion enterprise value, underscores how significantly capital markets have reoriented around storage as a standalone investable category rather than an ancillary component of broader renewable energy portfolios.

Aypa's portfolio spans both the United States and Canada, with assets positioned in markets where transmission and capacity constraints have created favorable conditions for storage deployment.

The company's long-term contracted revenue base, tied to investment-grade counterparties across an average remaining contract life of 17 years, reflects a business model structured to deliver the predictable cash flows that institutional infrastructure investors typically seek.

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