Quebec-based investment group La Caisse (formerly CDPQ) has agreed to acquire Australian renewables firm Edify Energy for $1.1 billion.
The investment will fund the acquisition of Edify and provide equity to finance two ready-to-build integrated solar and battery energy storage system (BESS) hybrid projects totaling 900MW/3,600MWh for offtake partners, Rio Tinto and the Commonwealth of Australia. It will also support the company’s significant pipeline of hybrid and battery storage projects of more than 11GW.
Related article: Edify proposes 2.4GWh solar and storage project in Victoria
Since its founding in 2015 by John Cole, Edify has grown into one of Australia’s leading green electricity companies, with expertise spanning the full life-cycle of renewable energy development and operations.
Edify pioneered the country’s first utility-scale solar and battery storage project in 2018 and has since delivered 11 projects across New South Wales, Queensland, and Victoria, totaling more than 1.1GW of capacity.
Edify founder and executive chair John Cole 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.”
Related article: Edify’s Koorangie Battery exports power to grid for first time
La Caisse executive vice president and head of infrastructure and sustainability Emmanuel Jaclot said, “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 decarbonization. This reflects our strong conviction in the critical role these technologies will continue to play in the global energy transition.”
