Brookfield Asset Management has agreed to buy Aypa Power from Blackstone Energy Transition Partners for roughly $7 billion enterprise value, giving the Toronto-based alternative asset manager an instant scale position in the North American battery energy storage market as AI data centers scramble for firm power.
Inside The $7 Billion Deal
The transaction values Aypa at a $3 billion equity value and hands Brookfield the largest standalone battery storage developer on the continent. Aypa's portfolio includes about 6.5 GW of operating, under-construction and contracted lithium-ion capacity across the United States and Canada, together with a development pipeline of more than 20 GW spread over 70+ utility-scale projects. Aypa's operating fleet is 95% contracted under long-term agreements with investment-grade buyers, with an average remaining contract life of 17 years.
Brookfield is investing through the second vintage of its flagship global transition strategy alongside institutional partners including Brookfield Renewable Partners. Cantor Fitzgerald and BofA advised Aypa and Blackstone, with Kirkland & Ellis providing legal counsel. White & Case represented Brookfield.
Why AI Data Centers Are Driving Storage M&A
Battery storage has moved from a niche renewable enabler to a core infrastructure asset class in less than five years, as hyperscalers and utilities try to keep pace with training-cluster load growth. "Battery storage is increasingly critical to the reliability and resilience of today's energy systems," said Jehangir Vevaina, Chief Investment Officer in Brookfield's Energy group, in a statement, adding that pairing Aypa with Brookfield's operating and commercial platform would let the combined business deliver integrated energy solutions to the largest buyers of power.
Aypa's Playbook: Bypass, Pediment And A 20 GW Pipeline
Founded by CEO Moe Hajabed and backed by Blackstone since 2020, Aypa energized its first system in 2018 and has since carved out standout projects like the 250 MW / 1,000 MWh Pediment BESS in Arizona and the 200 MW / 400 MWh Bypass BESS near Houston, which secured a $190 million project financing package earlier this year. Hajabed said the transaction "is an extraordinary achievement" for a team that turned battery storage into critical infrastructure.
What It Means For Blackstone And Grid Reliability
For Blackstone Energy Transition Partners, which has invested more than $28 billion of equity across energy-transition assets, the exit crystallizes a six-year platform build. "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 AI and other use cases," said Blackstone's Bilal Khan and Mark Zhu.
The deal follows Brookfield's other recent bets on grid-adjacent infrastructure, including its involvement in Anthropic-backed Ode and the U.S. Department of Energy's long-duration storage initiatives. Aypa joins peers like Peak Energy and EnBW/Zelestra in a wave of large 2026 storage plays. Closing is subject to customary regulatory approvals.
Reporting based on coverage from Brookfield Asset Management, Blackstone, Bloomberg and pv magazine USA.