Norges Bank Investment Management has acquired a direct 10 percent interest in Aypa Power, a North American battery storage developer, for $300 million. The deal, completed on October 28, 2026, marks the fund's first dedicated investment in battery storage and positions it alongside Brookfield, which is acquiring Aypa from Blackstone Energy Transition Partners. Aypa operates about 6.5 GW of storage capacity across the United States and Canada, with a development pipeline exceeding 20 GW. This investment reflects growing institutional interest in energy storage as a critical complement to wind and solar generation. For Norges, it extends its existing renewable portfolio into storage, while for Brookfield, it brings additional capital into its Global Transition Fund strategy. The stake gives Norges exposure to contracted storage capacity and potential upside if Aypa executes on its pipeline, though the full acquisition value and regulatory details were not disclosed.
