La Caisse, formerly known as CDPQ, has announced the acquisition of Edify Energy, in a significant boost to the Australian clean energy sector.
The deal, which at completion will amount to CAD1bn, is set to fund two ready-to-build integrated solar and battery energy storage system (BESS) hybrid projects totaling 900 MW / 3,600 MWh for offtake partners, Rio Tinto and the Commonwealth of Australia.
It will also support the company’s significant pipeline of hybrid and battery storage projects of more than 11 GW.
Edify launched in 2015 and helped develop Australia’s first utility-scale solar and battery storage project in 2018. It has since delivered 11 projects across New South Wales, Queensland, and Victoria, totaling more than 1.1 GW of capacity.
Emmanuel Jaclot, executive vice-president and head of Infrastructure and Sustainability at La Caisse commented on the commitment: "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."
La Caisse manages close to CAD500bn on behalf of represent over 6 million pension savers in Quebec.
