Brookfield Asset Management has agreed to acquire solar and energy storage developer Aypa Power from Blackstone in a transaction valued at approximately $7 billion. The deal values Aypa at $3 billion.

Under the terms of the agreement, Brookfield will take over Aypa's operating, under-construction, and contracted project portfolio, along with its development platform and a team of approximately 200 employees.

Aypa, which is currently working on solar and battery energy storage system (BESS) projects across eight U.S. states — including Louisiana, Texas, and California — has 12 projects totaling 2.1 GW under development in the United States, according to data from Cleanview. The company describes its standalone battery platform as one of the largest in North America, comprising 6.5 GW of operating, under-construction, and contracted battery projects across the United States and Canada, with an additional 20 GW in the development pipeline.

Utility-scale battery storage is used to store electricity and dispatch it when demand is higher or generation is constrained, making it an increasingly important part of grid planning as power systems add more variable renewable generation and seek additional flexibility.

Brookfield said it will partner with Aypa to accelerate the development of that pipeline by leveraging its own operational 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."

Aypa Power Founder and Chief Executive Officer Moe Hajabed 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 previously invested in the utility-scale businesses of Deriva Energy (formerly Duke Energy Renewables), Scout Clean Energy, and Standard Solar.