Brookfield has agreed to acquire the largest standalone battery storage developer in North America, Aypa Power, in a deal with an enterprise value of $7B.

Brookfield acquired Aypa Power from funds managed by Blackstone Energy Transition Partners, according to a release from Brookfield.

"Battery storage is increasingly critical to the reliability and resilience of today’s energy systems, and bringing together this leading platform with Brookfield’s broad capabilities across technologies and geographies further strengthens our ability to deliver integrated energy solutions to the world’s largest buyers of power," Jehangir Vevaina, chief investment officer in Brookfield’s energy group, said in a statement.

Battery storage allows energy, especially renewable energy, to be captured when it is plentiful and cheap and stored for times of high demand.

The combination of renewables and storage for the power they generate has been cited as a way to keep up with growing demand for electricity from grid users. As data centers grow in numbers and power demand, battery energy storage systems are expected to be a critical part in helping them get the power they need to operate.

Brookfield's deal includes Aypa's under-construction and contracted projects, as well as its development business and roughly 200-person team. Aypa's portfolio includes 6.5 gigwatts of operating, under-construction and contracted projects and a more than 20 GW development pipeline, according to the release.

In February, Aypa secured a $1.5B credit facility from a network of financial institutions including the Canadian Imperial Bank of Commerce, New York Branch and Wells Fargo. Aypa expects the revolving line of credit will be the primary source of funding for new U.S. projects through 2028.