Norges Bank Investment Management (NBIM) paid USD 300 million for a direct 10% interest in Aypa Power, the North American battery storage platform that Brookfield agreed in July 2026 to buy from Blackstone. NBIM announced the stake on 4 November 2026 and said the co-investment agreement was signed and completed on 28 October. The Aypa Power stake is NBIM’s first dedicated investment in battery storage.
What NBIM bought
NBIM invests as a co-investor alongside Brookfield. The stake is in addition to an existing indirect holding in Aypa Power through Brookfield’s Global Transition Fund. NBIM says Aypa Power has about 6.5 GW of operating, under construction and contracted battery capacity across the United States and Canada, and a development pipeline of more than 20 GW. The fund’s energy and infrastructure head said storage complements its wind and solar portfolio as renewable generation grows.
The price check
Brookfield’s own announcement of 22 July 2026 gives two valuations for the company: about USD 7 billion of enterprise value at closing and an equity value of USD 3 billion. NBIM’s USD 300 million for 10% implies USD 3 billion for 100% (ENB calculation, assuming the 10% is of the same equity). That matches Brookfield’s equity figure, so NBIM appears to have paid the same price as Brookfield. The USD 4 billion difference between enterprise and equity value is not explained in the material reviewed and is presumably debt and similar claims.
What the portfolio looks like
Brookfield describes Aypa Power as the largest standalone battery storage developer in North America. Its operating and under construction portfolio is 95% contracted under long-term agreements with investment-grade customers, with an average remaining contract life of 17 years. The deal includes a development platform and about 200 staff. Brookfield is making the purchase through the second vintage of its global transition strategy, alongside Brookfield Renewable Partners.
The pipeline is about three times the 6.5 GW that is operating, under construction or contracted. A buyer is paying a price for contracted projects and for the option to build more, and the announcements do not say how the price splits between the two.
What is not stated
NBIM’s release does not say whether Brookfield’s purchase from Blackstone has closed, and Brookfield’s July announcement refers to enterprise value at closing. It does not give the structure through which NBIM holds its 10%, any governance rights, or a return target. The two relevant dated checks are the closing of Brookfield’s acquisition and the first financial reporting that discloses how the stake is carried.
ENB follows storage ownership and financing in its energy storage section. Primary sources for this article are the NBIM press release and Brookfield’s announcement of 22 July 2026.
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