Overview
- Brookfield Asset Management announced an agreement to acquire Aypa Power from Blackstone for about $7 billion, with an implied equity value of $3 billion and a roughly 200-person team included in the transaction.
- The deal covers Aypa’s operating, under-construction and contracted project portfolio and its development platform, but the transaction remains subject to customary regulatory approvals and closing conditions.
- Aypa reports 6.5 GW of operating, under-construction and contracted battery capacity across the United States and Canada plus about 20 GW in development, while Cleanview lists 12 U.S. projects totaling 2.1 GW.
- Aypa’s operating and under-construction portfolio is reported to be about 95% contracted to investment-grade buyers with an average remaining contract length of roughly 17 years.
- The acquisition follows Brookfield’s pattern of building utility-scale renewables platforms and could speed delivery of grid-scale battery storage by pairing Aypa’s development pipeline with Brookfield’s capital, supplier relationships and operational experience.