Canadian institutional investor La Caisse has announced the acquisition of Edify, an Australian renewable energy and battery storage company, in a transaction valued at approximately AUD 1.1 billion (USD 724 million). 

The deal marks a significant milestone in La Caisse’s clean energy investment strategy, aimed at accelerating the global energy transition.

Founded in 2015, Edify has established itself as a leading player in Australia’s renewable sector, developing more than 1 GW of utility-scale solar farms and battery energy storage systems (BESS). The company currently operates six solar farms and five storage projects, and will also begin implementing an important agreement signed earlier this year with mining giant Rio Tinto.

Under the terms of the acquisition, La Caisse will provide equity financing for two integrated solar-and-battery hybrid projects serving Rio Tinto and the Commonwealth of Australia. Combined with other hybrid and storage initiatives, La Caisse’s backing is expected to support the deployment of projects totaling around 12 GW.

John Cole, Founder and Executive Chairman of Edify, welcomed the transaction, highlighting that the Canadian investor’s financial strength will accelerate the rollout of dispatchable green energy solutions and take Edify’s enviable market position to the next level.

For La Caisse, the deal reinforces its recently announced goal of allocating $400 billion to “climate action” investments by 2030. Indeed, Edify falls in the scope of low-carbon assets, nature-based solutions, adaptation, and resilience solutions that the Canadian investor wants to focus on to advance the global energy transition.

Source:

https://www.esgtoday.com/la-caisse-acquires-australian-renewables-company-edify/

https://www.power-technology.com/news/la-caisse-agrees-acquire-australian-edify-energy/