La Caisse, the global investment group formerly known as CDPQ, has agreed to acquire Edify Energy, one of Australia’s leading renewable energy and battery storage developers, in a transaction valued at approximately CAD 1bn (≈AUD 1.1bn).

The investment will finance the acquisition of Edify as well as provide new equity to advance two ready-to-build integrated solar and battery storage projects totalling 900 MW / 3,600 MWh, with offtake agreements already secured with Rio Tinto and the Commonwealth of Australia. Additional capital will support Edify’s development pipeline of more than 11 GW of hybrid and storage projects.

Founded in 2015 by John Cole, Edify has grown into a key player in Australia’s clean energy sector. The company pioneered the nation’s first utility-scale solar and battery hybrid in 2018 and has since delivered 11 projects across New South Wales, Queensland, and Victoria, totalling more than 1.1 GW of capacity.

John Cole, Founder and Executive Chairman of Edify, said: “The agreement with La Caisse is a pivotal moment for Edify, providing balance sheet strength to seriously ramp up Edify’s speed of execution of firm dispatchable green generators. I am so very proud of the business that Edify has become and the exceptional team that creates and delivers the solutions to meet and exceed the needs of our customers and the grid. In La Caisse, we have found the perfect owner to supercharge the business and take Edify’s enviable market position to the next level.”

Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure and Sustainability at La Caisse, added: “Our acquisition of Edify highlights the track record and expertise of its team and a commitment to Australia’s clean energy future. With our long-term capital and sustainability expertise, Edify will accelerate the delivery of large-scale renewable and storage projects that strengthen the grid and advance decarbonisation.”

The deal remains subject to customary regulatory and change-of-control approvals. Advisers include ICA Partners and Clifford Chance for La Caisse, and Lazard Australia and Herbert Smith Freehills Kramer for Edify.

If completed, the transaction will represent one of the largest private equity-led clean energy deals in Australia this year, reinforcing private capital’s role in driving the global energy transition.

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