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(Bloomberg) — Brookfield Asset Management Ltd. has agreed to acquire battery storage developer Aypa Power for $7 billion including debt, people familiar with the matter said, as demand soars for companies that help power the AI boom.
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The investment firm is buying Aypa from Blackstone Energy Transition Partners and a deal could be announced as soon as Wednesday, according to the people. The transaction gives Aypa an equity value of $3 billion, they said.
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Surging demand for the infrastructure needed for AI data centers has boosted the appeal of companies able to provide it. In particular, data center operators are prizing battery systems that store excess energy to minimize the risk of interrupted power at their facilities. They’re also using batteries to speed connecting to the grid, with some facilities able to come online years ahead of schedule.
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Aypa develops, owns, and operates energy storage sites and hybrid renewable energy projects across North America. The company has 6.5 gigawatts of operating and contracted battery capacity and more than 20 gigawatts in development, the people said. One gigawatt is equivalent to the capacity of a traditional nuclear reactor.
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For Blackstone, the sale will deliver a 6.2 times multiple on invested capital, according to one of the people, who asked not to be identified discussing confidential information.
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Representatives for Brookfield and Blackstone declined to comment.
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Brookfield is making the investment in Aypa through its global transition strategy and alongside partners including Brookfield Renewable Partners. The investment firm has more broadly been pouring money into energy providers and in the last 18 months has struck multibillion-dollar deals for renewable developers Boralex in Canada and Neoen in France.
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—With assistance from Mark Chediak.
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English (US)