Edify Energy, a leading Australian renewable energy and battery storage company, and global investment group La Caisse (formerly CDPQ), today announced that binding agreements have been entered into under which La Caisse will acquire Edify and support its next phase of growth.
Once completed, the transaction, together with further equity capital funding, is expected to represent an investment of approximately CAD 1 billion (AUD ≈1.1 billion). This investment will fund the acquisition of Edify and provide equity to finance 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.
Since its founding in 2015 by John Cole, Edify has grown into one of Australia’s leading green electricity companies, with expertise spanning the full life-cycle of renewable energy development and operations. Innovation is at Edify’s core, having pioneered the country’s first utility-scale solar and battery storage project in 2018 and has since delivered 11 projects across New South Wales, Queensland, and Victoria, totaling more than 1.1 GW of capacity.
This success is powered by Edify’s highly talented and skilled team, whose deep expertise and commitment to innovative, commercial solutions has been instrumental in structuring, financing and bringing these projects to life. By combining solar generation with advanced storage solutions, Edify is enhancing grid reliability and accelerating Australia’s transition to clean energy.
“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,” John Cole, Founder and Executive Chairman told The Voice of Renewables.
“Our acquisition of Edify highlights the track record and expertise of its team and a commitment to Australia’s clean energy future,” said Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure and Sustainability at La Caisse. “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.”
Some elements of the transaction are subject to customary change-of-control and regulatory approvals.
La Caisse was advised by ICA Partners and Clifford Chance as financial adviser and legal adviser, respectively, while Edify was advised by Lazard Australia and Herbert-Smith Freehills Kramer as financial adviser and legal adviser, respectively.
