Global BESS Empires

The battery has an owner. This book tells you who it is, who paid for it, how it earns, and what could stop it.

Battery energy storage has become one of the most heavily financed and most frequently traded businesses in energy. In 2026 alone, GIP and EQT agreed to take AES private at a US$33.4 billion enterprise value, Google paid US$4.75 billion for Intersect Power, Brookfield agreed to buy Aypa Power at about US$7 billion, and Masdar raised US$5.1 billion of debt to turn 5.2 GW of solar and 19 GWh of batteries into round-the-clock power.

Yet almost none of these companies publish what a battery earns. Global BESS Empires fills that gap.

Thirty profiles. Four questions. Every developer is profiled in the same format, so you can compare them side by side:

• Who holds the keys? Shareholders and controlling owners, from sovereign funds and pension funds to private equity, founding families and the Chinese state.


• Who writes the cheques? How each company finances itself and its projects: equity, project debt, tax equity, green bonds and IPOs, with a dated deal log.


• How far does the empire reach? What is operating, what is under construction and what is only a pipeline.


• What could bring it down? Grid delays, subsidy cuts, merchant price risk, leverage, counterparty concentration and more.

Each profile also sets out the revenue profile: tolls, capacity contracts, power purchase agreements, regulated payments or merchant trading, with named counterparties wherever they are disclosed.

The 30 developers, across six markets:

• United States: NextEra Energy Resources, ENGIE, AES, Enel North America, Plus Power, Intersect Power and IPX Power, Arevon, Jupiter Power, Aypa Power


• Britain and Europe: Zenobē, BW ESS, Fidra Energy, Harmony Energy, RWE, Grenergy


• Australia and Asia-Pacific: Neoen, Akaysha Energy, Eku Energy, Quinbrook, Origin Energy, AGL Energy


• India: Adani Green Energy, JSW Energy, Avaada Group, NTPC Green Energy


• China: CHN Energy, China Huadian and PowerChina, Inner Mongolia Energy Group, researched from Chinese-language sources


• The Gulf: Masdar, Acwa

Every fact is graded Confirmed, Reported, Described or Not disclosed, so you always know how far to trust a number. A closing chapter draws out the patterns across the industry, and an epilogue lists the deals, deliveries and rule changes to watch in 2027 and beyond.

Written for infrastructure and energy investors, bankers and lenders, utility and developer executives, policymakers, consultants, analysts and anyone who wants to understand who controls the grid's batteries and where the money is going.

About the authors. S E Than has more than 25 years in infrastructure and real assets across Asia, including as head of infrastructure at a global battery manufacturer and on more than US$20 billion of transactions. LY Luo is an investment director at an infrastructure asset manager in Hong Kong and previously raised more than €5 billion for a global battery manufacturer's overseas gigafactories.