La Caisse (formerly Caisse de dépôt et placement du Québec) announced Monday the acquisition of Edify Energy Pty. Ltd., an Australian provider of renewable energy and battery storage, for C$1 billion ($725 million).
As part of the transaction, the Canadian pension will fund the acquisition of the company and two ready-to-build solar and battery energy storage system projects in Australia, totaling 900 megawatts and 3,600 megawatt hours, for two customers: Australia and Rio Tinto, a mining company.
The acquisition will also support the company’s pipeline of more than 11 gigawatts in power projects. Founded in 2015, Edify has developed more than 1 GW of solar farms and battery storage systems across six solar farms and five battery storage systems, producing enough electricity to power more than 280,000 homes in Australia.
“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, in a statement. “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.”
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La Caisse manages $360 billion in assets, as of June 30, and provides retirement benefits to more than 6 million Quebecers. The pension fund managed $9 billion in Australian investments, as of December 31, 2024.
The pension fund aims to invest nearly $290 billion in climate action investments by the end of the decade as part of its 2025 to 2030 climate strategy and touts $42 billion managed in low-carbon assets and $260 billion in assets with a low-carbon footprint. The pension fund aims to achieve a portfolio with net-zero emissions by 2050.
Recent renewable investments made by the fund include a $200 million stake in renewable energy infrastructure firm Renewa; the acquisition of Quebec-based renewable power firm Innergex; and a minority stake in the U.K.’s First Hydro.
Australia has seen a boom in battery energy storage systems. According to RatedPower, the country’s battery capacity is expected to grow to 18.5 GW from 1.7 GW by 2035.
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Tags: Caisse de dépôt et placement du Québec (CDPQ)
#Caisse #Acquires #Australian #Renewable #Energy #Company