Norges Bank pays $300 million for 10 percent of Aypa Power

Norges Bank Investment Management said on November 4 that it has acquired a direct 10 percent interest in Aypa Power, a North American battery storage platform, and paid $300 million for that interest.

The co-investment agreement was signed and completed on October 28, 2026. Norges Bank Investment Management is taking the interest as a co-investor alongside Brookfield. It said the direct stake is in addition to an existing indirect investment in Aypa Power through Brookfield's Global Transition Fund strategy.

The buyer is the fund management division of Norges Bank. The release says unlisted investments in renewable energy infrastructure are made and managed by subsidiary structures set up by Norges Bank. It describes the purchase as the fund manager's first direct investment in battery storage.

Aypa Power has approximately 6.5 GW of battery storage. That figure covers operating, under-construction and contracted capacity across the United States and Canada. The company has a development pipeline of more than 20 GW.

The energy head called storage essential to a larger renewable share. Harald von Heyden, global head of energy and infrastructure, said: "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."

Brookfield agreed in July to acquire Aypa from Blackstone funds. Norges Bank Investment Management said Brookfield agreed to acquire Aypa Power from funds managed by Blackstone Energy Transition Partners in July 2026. That agreement is covered in an earlier report.