Brookfield to Acquire Aypa Power, the Leading North American Battery Storage Platform, from Blackstone Energy Transition Partners

Brookfield today announced that it has entered into an agreement to acquire Aypa Power ("Aypa") from funds managed by Blackstone Energy Transition Partners (“Blackstone”) for approximately $7 billion enterprise value at closing, or an equity value of $3 billion. Aypa is the largest standalone battery storage developer in North America, with a highly contracted and diversified portfolio across attractive power markets in the United States and Canada. 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. The transaction provides Brookfield with a leading presence in the North American battery energy storage systems ("BESS") market, and will help Aypa deliver on its next phase of growth, supported by Brookfield's differentiated operating and development competencies, procurement, commercial and capital markets capabilities. Brookfield is pursuing the investment through the second vintage of its flagship global transition strategy, alongside its institutional partners including Brookfield Renewable Partners (“Brookfield Renewable”).

Aypa is the largest standalone battery storage platform in North America, comprised of approximately 6.5 GW of operating, under-construction and contracted battery storage capacity, complemented by a >20 GW development pipeline. Its assets are strategically located in transmission and capacity-constrained regions experiencing favorable market dynamics.

Aypa’s operating and under-construction portfolio is 95% contracted under long-term agreements with investment-grade customers for an average remaining contract life of 17 years, providing strong cash flow visibility.

The platform has market-leading siting, transmission analytics, procurement and contracting capabilities, which contribute to strong development execution and project-level economics.

Brookfield will partner with Aypa to accelerate the development of its pipeline by leveraging its operating and development expertise, access to capital, and global supplier and commercial relationships. Together, Brookfield and Aypa are well positioned to meet growing demand for reliable, flexible power by delivering integrated energy solutions to utilities, corporations and other large power customers.

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, w...