Quebec-based investment group La Caisse, formerly known as CDPQ, has agreed to acquire Australian renewables company Edify Energy in a deal valued at USD 1.1 billion. The acquisition represents a significant investment in Australia's clean energy sector and will provide substantial funding for the company's expansion plans.

Investment Structure and Project Funding

The USD 1.1 billion investment will serve multiple purposes beyond the acquisition itself. The funding will provide equity to finance two ready-to-build integrated solar and battery energy storage system (BESS) hybrid projects with a combined capacity of 900MW/3,600 MWh. These projects have already secured offtake partners, including mining giant Rio Tinto and the Commonwealth of Australia.

Additionally, the investment will support Edify's substantial pipeline of hybrid and battery storage projects, totaling more than 11 GW. This substantial project pipeline positions the company for major expansion in the Australian renewable energy market.

Edify Energy's Track Record and Growth

Since its founding in 2015 by John Cole, Edify Energy has established itself as one of Australia's leading green electricity companies. The company has developed expertise spanning the full life-cycle of renewable energy development and operations, from initial project conception through to ongoing operations. Edify achieved a notable milestone in 2018 when it pioneered Australia's first utility-scale solar and battery storage project.

This groundbreaking project established the company as an innovator in the integrated renewable energy and storage sector. The company has since delivered 11 projects across three Australian states: New South Wales, Queensland, and Victoria. These completed projects represent a total capacity of more than 1.1GW, demonstrating Edify's ability to execute large-scale renewable energy developments.

Leadership Perspectives on the Acquisition

John Cole, who serves as Edify's founder and executive chair, characterized the agreement with La Caisse as a pivotal moment for the company. Cole emphasized that the deal would provide balance sheet strength to significantly accelerate Edify's execution speed for firm dispatchable green generators. Cole expressed pride in the business Edify has become and praised the exceptional team that creates and delivers solutions to meet and exceed customer and grid requirements.

He described La Caisse as the perfect owner to supercharge the business and advance Edify's market position to the next level. Emmanuel Jaclot, La Caisse's executive vice president and head of infrastructure and sustainability, highlighted the acquisition as a reflection of Edify's team's track record and expertise. Jaclot emphasized the investment as a commitment to Australia's clean energy future.

Jaclot noted that La Caisse's long-term capital and sustainability expertise would enable Edify to accelerate the delivery of large-scale renewable and storage projects. He stated that these projects would strengthen the grid and advance decarbonization efforts, reflecting the investment group's strong conviction in the critical role these technologies will continue to play in the global energy transition.

Recent Project Developments

Edify has been actively developing its project portfolio, with recent milestones including the Koorangie Battery project, which has begun exporting power to the grid for the first time. The company has also proposed a 2.4GWh solar and storage project in Victoria, demonstrating its continued expansion across multiple Australian states. The Koorangie Energy Storage System represents one of Edify's operational assets, showcasing the company's ability to bring battery storage projects online and contribute to grid stability and renewable energy integration.

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