Brookfield–Aypa: $7bn EV implies ~$1.1mn/MW on a 6.5 GW operating + construction base, 95% contracted

Brookfield has agreed to acquire 100% of Aypa Power from Blackstone at a $7bn enterprise value ($3bn equity; ~$4bn net debt), delivering Blackstone a reported 6.2x MOIC, according to a source familiar with the transaction. Aypa develops, builds, owns and operates utility-scale battery storage and hybrid renewable projects across the United States and Canada, spanning ~6.5 GW of operating and under-construction capacity across 35 projects, plus a further >20 GW development pipeline. The platform dates to 2018. Blackstone acquired NRStor C&I in March 2020 and later relaunched the business under the Aypa Power brand. Cantor Fitzgerald and BofA Securities (financial) and Kirkland & Ellis (legal) advised Aypa and Blackstone; White & Case advised Brookfield.

1. Aypa's 95%-contracted fleet supports a ~$1.1mn/MW valuation on the operating-and-construction base

The operating and under-construction fleet is 95% contracted on ~17-year agreements with investment-grade utilities, through long-dated tolling and resource-adequacy contracts with Salt River Project, SDG&E, DTE and PG&E. Aypa earns mainly fixed fees for keeping its batteries available to the grid, so revenue is predictable and less exposed to swings in power prices.

The $7bn EV equates to $0.26mn/MW across the full 26.5 GW portfolio, but most of that capacity remains in development. Applying the EV to the 6.5 GW operating-and-construction base implies ~$1.1mn/MW — a near-term cash-flow benchmark, with the >20 GW pipeline adding further growth value. Based on Enerdatics data, this sits just below the ~$1.27mn/MW median for comparable US standalone battery assets at build-ready or construction stage since 2023.

Brookfield is therefore paying slightly below the prevailing operating-and-construction benchmark for a large, near-term cash-flow-generating base and a substantial development pipeline. The ~$4bn of largely non-recourse project debt is consistent with assets financed against contracted cash flows.

2. Aypa gives Brookfield immediate storage scale and strengthens its offering to technology buyers

An October 2025 Fitch report points to sensitivities that, in Enerdatics' view, strengthen the deal rationale. Distributed energy and storage represented 8% of FFO generation, versus 45% from hydro, while ~90% of output was contracted with a 14-year weighted remaining life. Aypa expands Brookfield's storage exposure; 95% is contracted for ~17 years, strengthening diversification and cash-flow visibility.

Under its framework agreement, Brookfield plans to deliver more than 10.5 GW of renewable capacity to Microsoft between 2026 and 2030. Adding a BESS platform broadens its ability to pair renewable generation with contracted storage, strengthening its case as a preferred supplier to Microsoft and other technology offtakers. Aypa's US–Canada footprint and contracted model limit the emerging-market, volumetric, commodity and counterparty risks highlighted in the report.

3. Aypa's ~$1.1mn/MW valuation provides a current reference for storage platforms already in market

The implied valuation on Aypa's 6.5 GW operating-and-construction base is particularly relevant for other sponsor-owned storage platforms testing buyer appetite. Generate Capital is running a sale process for esVolta, the closest pure-play BESS analogue, while SK Group is exploring a sale or capital raise for Key Capture Energy.

Jupiter Power and Eolian have larger portfolios but are not formally in market, while Elevate is newer and smaller. In Enerdatics' view, Aypa provides the clearest current valuation reference for platforms with contracted near-term capacity and substantial development pipelines.

US sponsor-backed storage platforms: Aypa sets the current transaction benchmark

Read: US pure-play or majority-storage platforms; Aypa is the subject deal and live processes are flagged. Capacity shows operating and under-construction MW first, total portfolio second (Key Capture has no in-construction assets in LEAP). Read-through: Aypa provides the clearest current benchmark for esVolta and Key Capture, which are already in market.

Advisors: Cantor Fitzgerald and BofA Securities (financial) and Kirkland & Ellis (legal) advised Aypa and Blackstone; White & Case (legal) advised Brookfield.

Enerdatics · Proprietary research. Sources: Brookfield/Blackstone announcement (22 Jul 2026); Brookfield/Microsoft framework agreement (1 May 2024); Fitch (3 Oct 2025); Financial Post (22 Jul 2026); Enerdatics LEAP database. Not investment advice.