Brookfield Asset Management Ltd. has agreed to acquire battery storage developer Aypa Power for US$7 billion including debt, according to reports from Financial Post. The investment firm is purchasing Aypa Power from Blackstone Energy Transition Partners and a deal announcement could be made as soon as Wednesday. The transaction values Aypa Power at an equity value of US$3 billion.
The acquisition comes as demand surges for infrastructure needed to power the AI boom, with data center operators increasingly seeking battery systems that store excess energy to minimize power disruption risks. As reported by Financial Post, these facilities are also using batteries to accelerate grid connections, with some able to come online years ahead of schedule. Aypa Power develops, owns, and operates energy storage sites and hybrid renewable energy projects across North America, strengthening Brookfield's position in the growing energy storage sector as demand for battery infrastructure increases alongside renewable energy expansion.
According to reports from Financial Post, Aypa Power currently has 6.5 gigawatts of operating and contracted battery capacity and more than 20 gigawatts in development. One gigawatt is equivalent to the capacity of a traditional nuclear reactor, demonstrating the significant scale of the company's operations. The company operates across North America with a diversified portfolio of energy storage projects.
For Blackstone, the sale will deliver a 6.2 times multiple on invested capital, as reported by Financial Post. Brookfield is making the investment in Aypa Power through its global transition strategy and alongside partners including Brookfield Renewable Partners. The investment firm has been actively investing in energy providers, having struck multibillion-dollar deals for renewable developers Boralex Inc. in Canada and Neoen SA in France over the past 18 months.
