Global investment group La Caisse has signed a binding agreement to acquire Australian renewable energy company Edify Energy. 

The transaction, once completed, alongside additional equity funding, is expected to represent an investment of approximately C$1bn ($720m).  

This investment will support Edify's growth and provide equity to fund two ‘ready-to-build’ integrated solar and battery energy storage system projects totalling 900MW/3,600MWh for offtake partners Commonwealth of Australia and mining company Rio Tinto. 

Some aspects of the deal are subject to customary change-of-control and regulatory approvals.  

This deal will also back Edify's pipeline of more than 11GW of hybrid and battery storage projects. 

Edify Energy founder and executive chair John Cole said: “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.” 

Founded in 2015 by Cole, the company has delivered 11 projects totalling over 1.1GW across New South Wales, Queensland, and Victoria in Australia.

The company claims to have pioneered Australia's first utility-scale solar and battery storage project in 2018. 

La Caisse infrastructure and sustainability executive vice-president and head Emmanuel Jaclot said: “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.” 

Advisors on the deal include ICA Partners and Clifford Chance for La Caisse while Edify was advised by Lazard Australia and Herbert-Smith Freehills Kramer.