Brookfield to buy battery storage firm Aypa Power in $3 billion equity deal
BAM•Brookfield to acquire Aypa Power from Blackstone
July 22 (Reuters) - Brookfield Asset Management BAM.N will acquire battery storage firm Aypa Power from funds managed by Blackstone BX.N at an equity value of $3 billion, it said on Wednesday, as it looks to expand its renewables portfolio in North America.
Aypa Power is one of the largest battery energy storage system providers in North America with 6.5 gigawatts of operating, under-construction and contracted battery storage capacity.
Here are the details:
- The deal values Aypa Power at an enterprise value of $7 billion.
- Demand for cleaner energy is on the rise, particularly from operators of power-hungry data centers.
- Blackstone acquired Aypa in 2020, betting that battery storage would become critical to meet growing electricity demand from AI and other use cases.
- Aypa has a pipeline of over 20 gigawatts of projects under development.
- Battery storage systems are seen as a vital part of efforts to strengthen power grids.
