Norway's $2 trillion fund buys first direct battery storage stake

Norges Bank Investment Management (NBIM) acquired a 10% stake in battery storage developer Aypa Power for $300 million, the first direct battery storage investment for the manager of Norway's $2 trillion oil fund.

Aypa, founded in 2017, develops, owns and operates utility-scale storage and hybrid renewable projects, with about 6.5 GW of operating, under-construction and contracted battery capacity across the United States and Canada, ESG Today reported. The company also has a development pipeline of more than 20 GW and was described as the largest standalone battery storage developer in North America.

For allocators, the $300 million payment for a 10% stake implies roughly $3 billion of equity value against the 6.5 GW of operating, under-construction and contracted capacity, a mark fund selectors can compare with other storage platforms.

Brookfield announced in July 2026 that it would acquire Aypa Power from Blackstone through its flagship global energy transition strategy, Brookfield Global Transition Fund (BGTF II). NBIM is buying direct equity in the same asset, so limited partners in that fund share the cap table with a 10% sovereign holder. "This is our first dedicated investment in battery storage," said Harald von Heyden, global head of energy and infrastructure at NBIM. "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."

Aypa's development pipeline of more than 20 GW is more than three times the 6.5 GW it has operating, under construction or contracted.