Norges Bank Investment Management [1] has acquired a direct 10 percent interest in Aypa Power, a North American battery storage platform, as a co-investor alongside Brookfield.
This is in addition to its existing indirect investment in Aypa Power through Brookfield’s Global Transition Fund (BGTF) strategy.
The co-investment agreement was signed and completed on 28 October 2026.
Norges Bank Investment Management paid USD 300 million for its 10 percent interest. Brookfield agreed to acquire Aypa Power from funds managed by Blackstone Energy Transition Partners in July 2026.
“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,” says Harald von Heyden, Global Head of Energy and Infrastructure at Norges Bank Investment Management.
Aypa Power has approximately 6.5 GW of operating, under-construction and contracted battery storage capacity across the United States and Canada, and a development pipeline of more than 20 GW.
[1] Norges Bank Investment Management is the fund management division of Norges Bank. All unlisted (or direct) investments in real estate and renewable energy infrastructure are made and managed by subsidiary structures set up by Norges Bank.
Line Aaltvedt
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