NBIM Pays $300 Million for 10% of Battery Storage Firm Aypa Power

• NBIM paid $300 million for a direct 10% interest in Aypa Power, its first dedicated battery storage investment, completed on Oct. 28.
• The price implies a $3 billion equity value for all of Aypa, the figure Brookfield agreed with Blackstone funds in July.
• Brookfield, which closed its Aypa purchase after Sept. 30, plans to speed up the developer's pipeline of more than 20 GW.

Norway's sovereign wealth fund paid $300 million for a direct 10% interest in North American battery storage developer Aypa Power. Its manager, Norges Bank Investment Management, said so in a statement on Nov. 4.

NBIM bought in as a co-investor alongside Brookfield, and the agreement was signed and completed on Oct. 28. The fund already had indirect exposure to Aypa through Brookfield's Global Transition Fund strategy. NBIM did not say who sold the stake.

Brookfield agreed in July to buy Aypa from funds managed by Blackstone Energy Transition Partners. Its July 22 release put the acquisition at approximately $7 billion of enterprise value at closing, or $3 billion of equity. Brookfield Renewable said on Nov. 4 the purchase closed after Sept. 30. Its own net share was about $420 million.

The deal in numbers

• $300 million for 10%, signed and completed on Oct. 28, 2026.
• $3 billion implied equity value for all of Aypa ($300 million ÷ 10%), the same as in Brookfield's July agreement (list.solar calculation).
• About 6.5 GW of operating, under-construction and contracted storage in the US and Canada, plus a pipeline of more than 20 GW.
• About $1.1 million of enterprise value per MW of that 6.5 GW, including contracted projects not yet built (list.solar calculation).
• 95% of the operating and under-construction portfolio is contracted, with an average 17 years left, Brookfield said.
• 114 billion kroner ($11.9 billion) in renewable energy infrastructure, or 0.5% of the fund, on Sept. 30, NBIM's third-quarter figures show.
• About 2.5%: the $300 million stake as a share of that 114 billion kroner, at the ECB's Sept. 30 rate (list.solar calculation).

In March NBIM agreed to pay about $425 million for a third of a 2.3-GW North American solar and wind portfolio, with Brookfield and British Columbia Investment Management Corp. taking equal stakes. That was the fund's first North American deal. In October it committed €1.2 billion to a Copenhagen Infrastructure Partners fund that targets generation and storage.

"This is our first dedicated investment in battery storage," Harald von Heyden, NBIM's global head of energy and infrastructure, said in the statement. "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."

Brookfield said in July it would use its development expertise, access to capital and supplier ties to speed up Aypa's pipeline.