The asset management giant agreed to acquire the Texas-based company from Blackstone Energy Transition Partners in a deal that will give Aypa an equity value of US$3 billion. (The Logic)

Talking point: Aypa owns and operates energy storage sites across North America, with 6.5 gigawatts of operating and contracted battery capacity and over 20 gigawatts in development. The sale will give Blackstone a return of 6.2 times the capital invested, a source told Bloomberg. Brookfield’s interest in the business comes amid soaring demand for energy—and batteries to store it—to power the AI data-centre boom. Brookfield is acquiring Aypa as part of its global transition strategy, with participation from institutional partners including Brookfield Renewable Partners. The deal adds to a string of renewable energy investments Brookfield has recently made, including in Quebec firm Boralex.