• Transaction values Aypa at USD 3bn equity value, USD 7bn enterprise value
• BGTF II will spearhead the investment on behalf of Brookfield

Brookfield entered into an agreement to acquire Aypa Power from funds managed by Blackstone Energy Transition Partners for approximately USD 7bn enterprise value at closing, or an equity value of USD 3bn, according to a press release.

NPM first reported on July 8 that Brookfield emerged as the preferred bidder for the business and on February 23 that Cantor Fitzgerald and Bank of America Securities had been hired to run a sales process on behalf of Blackstone.

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 scaled entry into 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 or Brookfield Global Transition Fund II (BGTF II), which raised USD 20bn and USD 3.5bn in co-investments upon reaching final close in October 2025, alongside its institutional partners including Brookfield Renewable Partners.

Acting as legal counsel for Blackstone is Kirkland & Ellis and White & Case is serving as Brookfield’s legal counsel.

Platform

Aypa is the largest standalone battery energy 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.

NPM Interconnection queue data is tracking eight of Aypa’s operational projects across 1.32 GW and 26 pre-operational projects across 7.21 GW of which seven projects, across 2.63 GW, reached an advanced stage in the 12 months between September 2024 and September 2025.

In the past 20 months or so, Aypa has raised financing on projects across Arizona (Pediment BESS), Texas (Bypass BESS), California (Vidal paired project) and Ontario (Elora and Hedley), while also raising USD 2.4bn in corporate financing to support its ongoing pipeline including upsizing its pre-NTP credit facility to USD 1.55bn in April and closing a USD 1.5bn warehouse facility this past February.

NPM had reported a year ago that Blackstone had been showing Aypa to external investors after being formally launched in August 2020. While there were industry rumblings that Blackstone had set a high price for Aypa upon a formal launch of the process earlier in 2026, the process attracted a healthy set of funds and strategic bidders to the table, despite FEOC being an ongoing issue for financing future storage projects.

Platform advantages

According to the press release, 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.