A direct 10% interest in Aypa Power, a North American battery storage platform, has been acquired by Norges Bank Investment Management (NBIM) for $300 million. The fund has made the investment alongside Brookfield, which owns the platform, and it is the first investment of NBIM that has been dedicated to battery storage.
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Norges Bank Investment Management (NBIM), a Norway-based fund manager, has acquired a direct 10% interest in Aypa Power, which is a North American battery storage platform, for $300 million. The fund has made the investment as a co-investor alongside Brookfield, and the agreement was signed and completed on 28 October 2026.
The new stake is held in addition to an indirect interest, which NBIM had already been holding in Aypa Power through the Brookfield Global Transition Fund (BGTF) strategy. With this agreement, therefore, the fund has become a direct owner of the platform as well as an indirect one, and it now holds a part of Aypa Power in its own name.
The portfolio in which NBIM has invested is a large one. Aypa Power has approximately 6.5 GW of operating, under-construction and contracted battery storage capacity across the United States and Canada, and it has a development pipeline of more than 20 GW. According to Brookfield, the operating and under-construction part of that portfolio is 95% contracted under long-term agreements, with an average remaining contract life of 17 years. For NBIM, however, it is the first time that the fund has invested in battery storage alone.
This is our first dedicated investment in battery storage. Storage is becoming an essential part of the energy system as the share of renewable generation grows, and it complements our existing wind and solar portfolio. We are pleased to expand our partnership with Brookfield.
Harald von Heyden, Global Head of Energy and Infrastructure at Norges Bank Investment Management
The co-investment has followed an agreement of July 2026, under which Brookfield agreed to acquire Aypa Power from funds managed by Blackstone Energy Transition Partners. That transaction valued Aypa Power at approximately $7 billion in enterprise value at closing, or at $3 billion in equity value, and the $300 million that NBIM has now paid for its 10% interest is in line with that equity value. Earlier in the year, Aypa Power had also closed a $1.5 billion warehouse financing for the construction of its storage projects.
Norges Bank Investment Management is the fund management division of Norges Bank. All of the unlisted investments of the fund in real estate and in renewable energy infrastructure are made and managed by subsidiary structures, which have been set up by Norges Bank.