La Caisse has agreed to acquire Edify Energy for approximately CAD 1 billion, aiming to enhance Australia's renewable energy capacity and expedite the development of major solar and battery projects.

Target Information

La Caisse, officially known as the Caisse de dépôt et placement du Québec, has announced its intention to acquire Edify Energy, a prominent developer of renewable energy and battery storage solutions in Australia. This transaction is valued at approximately CAD 1 billion (around AUD 1.1 billion). Founded in 2015 by John Cole, Edify has emerged as a significant contributor to Australia's clean energy landscape, launching the country’s first utility-scale solar and battery hybrid in 2018. Since then, Edify has successfully completed 11 projects across New South Wales, Queensland, and Victoria, collectively exceeding 1.1 GW of capacity.

Under this acquisition agreement, La Caisse intends to support not only the purchase of Edify but also to provide new equity to further the development of two integrated solar and battery storage initiatives. These projects, which are nearing construction, will have a combined capacity of 900 MW/3,600 MWh and already have offtake agreements in place with Rio Tinto and the Commonwealth of Australia. Moreover, additional funds will assist in advancing Edify's substantial pipeline, which includes over 11 GW of hybrid and storage projects.

Industry Overview in Australia

The renewable energy sector in Australia has witnessed significant transformation in recent years, fueled by increased investment and supportive government policies aimed at transitioning to clean energy. The country possesses abundant natural resources, including solar r