Canadian institutional investor La Caisse, formerly known as CDPQ, has announced an agreement to acquire Australian renewable energy and battery storage company Edify. This acquisition, aimed at supporting the company’s growth, involves a total investment of approximately AUD$1.1 billion (USD$724 million).
Since its founding in 2015, Edify has developed and financed over 1 GW of utility-scale solar farms and battery energy storage systems. The company currently manages the operations of six solar farms and five battery energy storage systems. Earlier this year, Edify secured an [agreement with Rio Tinto](https://www.esgtoday.com/rio-tinto-signs-solar-and-storage-deal-to-power-aluminum-operations/) to supply low-carbon electricity for aluminium production operations in Queensland, Australia.
La Caisse’s investment will not only fund the acquisition of Edify but also provide equity to finance two ready-to-build integrated solar and battery energy storage system (BESS) hybrid projects. These projects, totalling 900 MW, will serve Rio Tinto and the Commonwealth of Australia. Additionally, the investment will support Edify’s pipeline of hybrid and battery storage projects exceeding 11 GW.
John Cole, Founder and Executive Chairman of Edify, remarked, “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.”
This acquisition aligns with La Caisse’s recently set target of achieving $400 billion in “climate action” investments by 2030. This objective focuses on low-carbon assets, including renewable energy infrastructure, nature-based solutions such as sustainable forestry, and adaptation and resilience solutions.
Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure and Sustainability at La Caisse, commented, “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. This reflects our strong conviction in the critical role these technologies will continue to play in the global energy transition.”
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