Blackstone to sell battery storage developer Aypa Power to Brookfield in $7bn deal
- Aypa Power has 35 projects currently in operation or under construction
- Aypa launched its first project in 2018
Brookfield has agreed to acquire Aypa Power, a Toronto and Austin-based battery storage developer, from Blackstone Energy Transition Partners, in a $7 billion deal.
According to the terms of the deal, Brookfield will acquire Aypa’s operating, under-construction and contracted project portfolio, together with its development platform.
On the transaction, Jehangir Vevaina, chief investment officer in Brookfield’s Energy group, said in a statement, “We are excited to partner with Aypa to deliver on the company’s scale growth pipeline. 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 serves as founder and CEO of Aypa Power.
Cantor Fitzgerald & Co. acted as lead financial advisor, with BofA also serving as financial advisor, to Aypa and Blackstone. Kirkland & Ellis acted as legal counsel to Aypa and Blackstone. White & Case acted as legal advisors to Brookfield.
Aypa Power has 35 projects currently in operation or under construction.
Aypa launched its first project in 2018.
