Norges Bank Invests $300 Million in Brookfield-Backed Aypa Power

Norges Bank Investment Management (NBIM), which manages Norway's sovereign wealth fund, has acquired a 10% direct stake in North American battery storage company Aypa Power for $300 million, investing alongside Brookfield. Announced on 4 November 2026, the transaction marks NBIM's first dedicated direct investment in battery storage and expands its renewable energy infrastructure portfolio. The co-investment agreement was signed and completed on 28 October 2026.

 

The investment follows Brookfield's July 2026 agreement to acquire Aypa Power from funds managed by Blackstone Energy Transition Partners. That transaction valued Aypa at approximately $7 billion in enterprise value and $3 billion in equity value. NBIM already held an indirect interest in the company through Brookfield's Global Transition Fund strategy, with the new acquisition providing an additional direct ownership position.

 

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Aypa Power operates and develops utility-scale battery storage projects across the United States and Canada. Its portfolio includes approximately 6.5 GW of operating, under-construction and contracted storage capacity, alongside a development pipeline exceeding 20 GW. The company develops energy storage infrastructure designed to improve electricity grid reliability, manage fluctuations in power demand and support the integration of renewable generation. According to Brookfield, 95% of Aypa's operating and under-construction portfolio is covered by long-term contracts, with an average remaining term of 17 years.

 

Harald von Heyden, Global Head of Energy and Infrastructure at Norges Bank Investment Management, said, "This is our first dedicated investment in battery storage." He highlighted the increasing importance of storage as renewable electricity generation expands, adding that the investment complements NBIM's existing wind and solar portfolio and strengthens its partnership with Brookfield.

 

The acquisition expands NBIM's exposure to battery energy storage as an infrastructure investment category. For Brookfield, the partnership brings additional institutional capital into a platform with an established North American project portfolio and a substantial development pipeline. The investment reflects growing institutional interest in energy storage infrastructure as electricity systems incorporate larger shares of variable renewable generation.

 

Source: Norges Bank Investment Management