Real Estate
Home›Real Estate›Industry›Brookfield to buy Aypa Power in $7B battery storage de…
Brookfield to buy Aypa Power in $7B battery storage deal
The deal covers Aypa’s under-construction and contracted projects, plus a development pipeline of more than 20 GW, according to Brookfield.
Brookfield has agreed to acquire Aypa Power, the largest standalone battery storage developer in North America, in a transaction with an enterprise value of $7B, according to a release from Brookfield cited by Bisnow.
Brookfield will buy Aypa from funds managed by Blackstone Energy Transition Partners. In its statement, Brookfield tied the acquisition to the growing role of battery storage in improving power system reliability and resilience, particularly when paired with renewable generation.
The transaction includes Aypa’s under-construction and contracted projects, its development business, and an approximately 200-person team. Aypa’s portfolio totals 6.5 GW across operating, under-construction, and contracted projects, with a development pipeline of more than 20 GW.
In February, Aypa secured a $1.5B credit facility from a network of financial institutions including Canadian Imperial Bank of Commerce, New York Branch, and Wells Fargo. Aypa said the revolving line of credit is expected to be the primary funding source for new U.S. projects through 2028.