Clifford Chance advising La Caisse; Herbert Smith Freehills Kramer representing Edify
La Caisse de dépôt et placement du Québec (CDPQ), one of Canada’s largest institutional investors, has reached a deal to acquire Edify Energy, an Australian developer specializing in renewable energy and battery storage.
The agreement, valued at about $1 billion (AU$1.1 billion) including additional equity capital, is set to fund both the purchase of Edify and the development of two major integrated solar and battery energy storage system (BESS) projects. These projects, with a combined capacity of 900 MW / 3,600 MWh, will supply power to offtake partners Rio Tinto and the Commonwealth of Australia. The investment will also back Edify’s pipeline of more than 11 GW in hybrid and battery storage projects.
Rio Tinto Alcan Inc. was one of the biggest mergers and acquisitions in the history of Canada. See the full list here.
Founded in 2015, Edify has established itself as a key player in Australia’s renewable energy sector. The company has delivered 11 projects across New South Wales, Queensland, and Victoria, totaling over 1.1 GW of capacity. Edify was behind Australia’s first utility-scale solar and battery storage project in 2018, and has since expanded its expertise across the full lifecycle of renewable energy development and operations.
Among Edify’s most advanced projects are the Smoky Creek and Guthrie’s Gap hybrid solar and battery project in central Queensland, and the Majors Creek and Ganymirra project in the state’s north. The Smoky Creek and Guthrie’s Gap project is slated to include 600 MW of solar generation and a 600 MW / 2,400 MWh battery storage system. The Majors Creek and Ganymirra development will feature a 300 MW solar farm paired with a 300 MW / 1,200 MWh battery.
Edify founder and executive chairman John Cole described the agreement as a turning point for the company. “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.”
Emmanuel Jaclot, La Caisse’s executive vice president and head of infrastructure and sustainability, said the acquisition underscores both Edify’s track record and CDPQ’s 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 decarbonization. This reflects our strong conviction in the critical role these technologies will continue to play in the global energy transition.”
Advisors on the deal include Clifford Chance LLP and ICA Partners for La Caisse, and Herbert Smith Freehills Kramer LLP and Lazard Australia for Edify.
