Canadian institutional investor, La Caisse (formerly CDPQ) announced today an agreement to acquire Australian renewable energy and battery storage company Edify, and to support the company’s growth, with a total investment of approximately AUD$1.1 billion (USD$724 million).

Founded in 2015, Edify has developed and financed over 1 GW of utility-scale solar farms and battery energy storage systems. In addition to projects under construction, the company is managing the operations of 6 solar farms and 5 battery energy storage systems. Earlier this year, Edify announced an agreement with mining giant Rio Tinto to supply low-carbon electricity to power aluminum production operations in Queensland, Australia.

In addition to funding the acquisition of Edify, La Caisse’s investment will provide equity to finance two ready-to-build integrated solar and battery energy storage system (BESS) hybrid projects totaling 900 MW for Rio Tinto and the Commonwealth of Australia, as well as the company’s pipeline of hybrid and battery storage projects of more than 11 GW.

John Cole, Founder and Executive Chairman, 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.”

The acquisition follows a new target set earlier this by La Caisse to reach $400 billion in “climate action” investments by 2030, targeting low-carbon assets, such as renewable energy infrastructure, nature-based solutions like sustainable forestry, adaptation and resilience solutions.

Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure and Sustainability at La Caisse, said:

“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.”