La Caisse Set to Acquire Edify Energy for Sustainable Growth in Australia

In a landmark move to bolster the renewable energy sector in Australia, La Caisse, a global investment group, has entered into binding agreements to acquire Edify Energy, a leading company in renewable energy and battery storage. This acquisition, combined with additional equity financing, is projected to total approximately CAD 1 billion (AUD ≈ 1.1 billion), providing essential support for Edify as it embarks on a new phase of growth.

Investment and Project Goals

The investment will not only fund the acquisition but will also help finance two integrated solar and battery energy storage hybrid projects totaling 900 MW / 3,600 MWh. These projects are intended for offtake partners Rio Tinto and the Commonwealth of Australia. Additionally, the investment will empower Edify to expedite its significant pipeline of hybrid and battery storage projects that exceed 11 GW.

Founded in 2015 by John Cole, Edify has swiftly risen to prominence in Australia's renewable energy landscape. The company has revolutionized the sector by launching the country's first utility-scale solar and battery storage project in 2018 and delivering 11 major projects across New South Wales, Queensland, and Victoria, resulting in a total capacity exceeding 1.1 GW.

Innovation stands at the core of Edify's operations, and the company’s highly skilled team has been pivotal in conceptualizing, financing, and realizing various energy projects. By integrating solar generation with cutting-edge storage technologies, Edify plays a crucial part in boosting the reliability of the electricity grid while accelerating Australia’s transition to cleaner energy sources.

Words from Leadership

John Cole, Founder and Executive Chairman of Edify, remarked on the acquisition, stating, “This agreement with La Caisse marks a pivotal moment for Edify. It brings vital balance sheet strength that will significantly enhance our capacity to deliver decidedly dispatchable green energy generators.” He emphasized the pride he feels toward the accomplishments of the Edify team and their commitment to exceeding customer expectations.

Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure and Sustainability at La Caisse, also highlighted the significance of this strategic acquisition. He mentioned, “Our acquisition of Edify reflects our strong belief in the experience and dedication of its team as well as our ongoing commitment to Australia’s clean energy future. With our long-term capital and sustainability expertise, Edify will expedite the realization of extensive renewable and storage projects, thus fortifying the grid and driving the decarbonization agenda.”

The Road Ahead

The transaction awaits customary regulatory and change-of-control approvals before proceeding. La Caisse has been advised by ICA Partners and Clifford Chance for financial and legal matters, respectively, while Edify has engaged Lazard Australia and Herbert-Smith Freehills Kramer for their advisory needs.

About Edify Energy

Edify Energy is at the forefront of the renewable energy and storage sector, dedicated to the development and construction of innovative energy generation systems to support Australia’s energy transition. With investments exceeding AUD 2 billion and an impressive portfolio of over 1 GW in utility-scale solar farms and battery energy systems, Edify showcases a promise for a greener future.

About La Caisse

La Caisse, formerly known as CDPQ, has a rich history of investment spanning over 60 years, committed to generating long-term sustainable returns for its depositors. With a focus on various sectors including private equity and infrastructure, La Caisse wields a substantial net asset value exceeding CAD 496 billion.

As renewable energy continues to be a focal point for investment globally, La Caisse's acquisition of Edify Energy is undoubtedly a robust step towards furthering sustainable practices and advanced energy solutions in Australia.