Brookfield Asset Management plans to buy solar and energy storage developer Aypa Power from Blackstone for approximately $7 billion. The investment will value Aypa at $3 billion.
Aypa has 12 projects (2.1 GW) under development in the United States, according to Cleanview. The company is working on solar and BESS projects in eight states, including Louisiana, Texas and California.
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-person team.
Aypa claims it has one of the largest standalone battery platforms in North America, comprised of 6.5 GW of operating, under-construction and contracted battery projects across the United States and Canada, with another 20 GW in the development pipeline.
Brookfield will partner with Aypa to accelerate the development of its pipeline by leveraging its operating and development expertise, access to capital and global supplier and commercial relationships.
“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.”
Moe Hajabed, Founder and Chief Executive Officer of Aypa Power, said: “This is an extraordinary achievement for the team that built Aypa. 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.”
Brookfield has also invested in the utility-scale businesses of Deriva Energy (formerly Duke Energy Renewables), Scout Clean Energy and Standard Solar.
