Canadian pension fund manager La Caisse is acquiring Australian renewable energy and battery storage company Edify Energy.
La Caisse said it has agreed to acquire Edify in a deal that, along with further equity capital, represents an investment of approximately C$1bn (€614.7m).
La Caisse’s investment will fund its acquisition of Edify and provide equity to finance two ready-to-build solar and battery energy storage projects. The projects will total 900MW and are for offtake partners, Rio Tinto and the Commonwealth of Australia.
Emmanuel Jaclot, EVP and head of infrastructure and sustainability at La Caisse, 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 decarbonisation. This reflects our strong conviction in the critical role these technologies will continue to play in the global energy transition.”
John Cole, founder and executive chairman, Edify Energy, 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.”
To read the latest IPE Real Assets magazine click here.
