Brookfield agrees $7bn acquisition of battery storage leader Aypa Power

October 2026 | DEALFRONT | PRIVATE EQUITY & VENTURE CAPITAL

Financier Worldwide Magazine

October 2026 Issue

Canadian investment manager Brookfield has agreed to acquire battery storage developer and operator Aypa Power from funds managed by Blackstone Energy Transition Partners in a transaction valued at approximately $7bn, expanding its ability to provide integrated energy solutions across North America.

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 employees.

The acquisition gives Brookfield a significant presence in the North American battery energy storage systems market and is expected to support Aypa’s next phase of growth through access to Brookfield’s operating expertise, development capabilities, procurement network, commercial reach and capital markets resources.

Brookfield is making the investment through the second vintage of its flagship global transition strategy alongside institutional partners, including Brookfield Renewable Partners, one of the world’s largest publicly traded platforms focused on renewable power and sustainable solutions.

“We are excited to partner with Aypa to deliver on the company’s scale growth pipeline,” said Jehangir Vevaina, chief investment officer in Brookfield’s energy group. “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.”

Aypa is widely regarded as the largest standalone battery storage developer in North America. The company develops, owns and operates utility-scale energy storage and hybrid renewable energy projects across key power markets in the US and Canada.

According to the companies, Aypa has approximately 6.5GW of operating, under-construction and contracted battery storage capacity, supported by a development pipeline exceeding 20GW. Its assets are located in transmission-constrained and capacity-constrained markets where demand for flexible power solutions continues to increase.

The company’s portfolio is designed to strengthen grid reliability, support energy resilience and accelerate the integration of renewable energy generation into electricity networks. Battery storage is playing an increasingly important role in balancing supply and demand as electricity consumption rises and power systems incorporate greater levels of renewable generation.

Brookfield plans to work closely with Aypa to accelerate the development of its pipeline by leveraging its operational expertise, access to capital and global supplier and commercial relationships. Together, the companies aim to meet growing demand for reliable and flexible electricity from utilities, corporate customers and other large power users.

“This is an extraordinary achievement for the team that built Aypa,” said Moe Hajabed, founder and chief executive of Aypa Power. “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, we helped establish battery storage as critical infrastructure, essential to a more reliable and resilient grid. I look forward to seeing Aypa flourish further under Brookfield’s ownership.”

The transaction remains subject to customary regulatory approvals and closing conditions.

Cantor Fitzgerald & Co. is acting as lead financial adviser to Brookfield, while BofA is serving as financial adviser to Aypa and Blackstone. Kirkland & Ellis is acting as legal counsel to Aypa and Blackstone, with White & Case serving as legal adviser to Brookfield.

“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 artificial intelligence and other use cases,” said Bilal Khan, senior managing director, and Mark Zhu, managing director, at Blackstone. “We are proud to have partnered with Aypa and its exceptional management team, and look forward to its next phase of growth with Brookfield.”

Investor demand for energy storage remains strong amid rising electricity consumption across North America.

Fraser Tennant