Brookfield Asset Management (Brookfield) has agreed to acquire battery storage developer-operator Aypa Power at an enterprise value of ~US$7 billion.
The agreement was made with funds managed by Blackstone Energy Transition Partners, Brookfield said yesterday (22 July). The deal stands at the aforementioned enterprise value, or an equity value of US$3 billion.
Brookfield will acquire Aypa’s portfolio of operational, under-construction and contracted battery energy storage system (BESS) projects, as well as its development pipeline. The asset management firm claimed Aypa’s 6.5GW portfolio and pipeline of more than 20GW makes it the biggest platform developing standalone BESS assets in North America.
Meanwhile, Aypa’s operating and under-construction portfolio is 95% contracted under long-term agreements, with an average remaining contract term of 17 years, which Brookfield claimed gives it resilient cash flows. The new owner will partner with the developer to accelerate pipeline development.
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Private equity firm Blackstone has owned the developer since 2020, when it was known as NRStor C&I. At that time, NRStor C&I was a subsidiary of Toronto, Canada-headquartered energy storage developer NRStor, which has since gone on to participate as a joint development partner in Oneida Energy Storage, Canada’s biggest BESS project at 250MW/1,000MWh.
The new owner rebranded it as Aypa Power later that year, changing its focus from the commercial and industrial (C&I) market segment referenced in the name and shifting from an energy-as-a-service business model to utility-scale battery energy storage system (BESS) development.
Since then, Aypa Power has been prolific in raising financing and securing contracts for its projects. In 2023, it secured a US$320 million credit line to advance interconnection and contractual negotiations, signed two big supply deals with Canadian Solar for projects in California and Texas and secured a further US$550 million in debt and tax equity financing for 700MWh of projects in those two states just before the year’s end.
It has largely continued in a similar vein since then, signing a 2.1GWh agreement with Canadian Solar and progressing a 1,200MWh build, own and operate project for utility Santee Cooper in South Carolina in late 2025. Aypa Power then started 2026 by closing a US$1.5 billion credit facility for US projects, closed US$512 million financing for two projects in Ontario in March and most recently brought a 1GWh project in Arizona into commercial operation a few weeks ago.
Brookfield’s takeover remains subject to regulatory approvals. The investment firm’s existing investments in energy storage and adjacent sectors include its acquisition of French renewable energy independent power producer (IPP) Neoen, which has been behind some of Australia’s biggest BESS projects.
It also acquired another Canadian company, Boralex, a multi-national developer of renewables, including BESS projects, a few months ago. Through its in-house development subsidiary Brookfield Renewable Partners, it owns solar and BESS platforms X-ELIO and Scout Clean Energy and has formed partnerships with developers including the UK’s Cambridge Power.
Brookfield also said this week that it is simplifying the corporate structure of its Brookfield Renewable Corporation and Brookfield Renewable Partners subsidiaries by converting them into one publicly-traded corporation, called Brookfield Renewable Partners Inc.
Currently, Brookfield Renewable Partners is operated as a Bermuda-based limited partnership, while Brookfield Renewable Corporation is based in Canada.
Nextpower completes Prevalon acquisition
In other energy storage M&A news, solar PV solutions provider Nextpower has completed its acquisition of US-headquartered BESS integrator Prevalon.
According to Nextpower, the acquisition extends its integrated platform beyond solar PV with a proven portfolio of BESS, energy management software, power control technologies and lifecycle services supporting grid-connected storage, hybrid power plants, AI data centre infrastructure and other critical power applications.
Prevalon has already deployed more than 6GWh of energy storage systems globally.
Announced in May of this year, the acquisition marks Nextpower’s entry into the utility-scale BESS market and its reentry into the BESS sector after making plans to sell batteries in 2017.
ESN Premium spoke with both CEOs of Nextpower and Prevalon—Dan Shugar and Tom Cornell, respectively—last month about the acquisition and future strategy (subscription required).
At the time, Shugar said Prevalon would operate as a wholly owned subsidiary. Now that the acquisition has been completed, Shugar said: “The team will continue to be run by Tom Cornell, who led Prevalon as CEO since its founding.”
“Reliable energy storage is foundational to designing, building and operating critical energy infrastructure. The addition of Prevalon expands our ability to serve utility-scale customers and data centres with a broader portfolio of proven technologies from a trusted, bankable partner,” added Shugar.
Nextpower story by Jonathan Touriño Jacobo: to read this item in full, visit PV Tech, where it first appeared.
Battery Asset Management Summit USA 2026 will be held 15-16 September in Garden Grove, California, hosted by Energy-Storage.news publisher Solar Media (part of the Informa Group). The agenda emphasises addressing the roles of AI, cybersecurity, and second-life applications, broken down into two tracks: Technical Asset Management and Commercial Asset Management. This year, the conference is also co-located with Solar & Storage Finance Summit USA. Visit the official site for more details.
