Brookfield Asset Management has agreed to acquire Aypa Power from Blackstone Energy Transition Partners for about $7 billion enterprise value, or $3 billion equity, creating the largest standalone North American battery storage platform. The deal covers Aypa’s operating, under-construction and contracted assets, its development platform, and a team of roughly 200, positioning Brookfield to scale in the North American battery energy storage market. Aypa brings approximately 6.5 GW of operating, under-construction and contracted capacity, plus a development pipeline exceeding 20 GW, with assets located in regions with favorable market dynamics. Aypa’s cash flows are highly contracted, supported by long-term agreements with investment-grade customers and a long remaining contract life, which should bolster Brookfield’s integrated energy solutions capabilities. The transaction marks a strategic move within Brookfield’s ongoing transition strategy and leverages Brookfield’s operating and capital markets strengths, while regulatory approvals are still to be obtained. This acquisition underscores the growing importance of energy storage in the energy transition and Brookfield’s push to extend its renewable and storage footprint.