Global investment group La Caisse said it has entered into a binding agreement to acquire renewable energy and battery storage company Edify Energy and support its next phase of growth.
Once completed, the transaction, together with further equity capital funding, is expected to represent an investment of around $0.72 billion (CAD 1 billion). The 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 megawatts (MW) / 3,600 megawatt-hours (MWh) for its offtake partners, Rio Tinto and the Commonwealth of Australia, La Caisse said in a news release.
The transaction will also support Edify’s pipeline of hybrid and battery storage projects of more than 11 gigawatts (GW), according to the release.
“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,” John Cole, Edify founder and executive chairman, said.
“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,” Cole added.
“Our acquisition of Edify highlights the track record and expertise of its team and a commitment to Australia’s clean energy future,” Emmanuel Jaclot, executive vice president and head of infrastructure and sustainability at La Caisse, said.
“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,” Jaclot said.
Founded in 2015, Edify describes itself as one of Australia’s leading green electricity companies, with expertise spanning the full life-cycle of renewable energy development and operations. The company said it 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.
Earlier in the month, Australia’s Clean Energy Finance Corporation (CEFC) and La Caisse launched a large-scale, diversified agricultural platform to generate high-quality Australian Carbon Credit Units (ACCUs), with global miner Rio Tinto as a foundation offtaker.
La Caisse said it has invested $131 million (AUD 200 million), with a $33 million (AUD 50 million) commitment from the CEFC, to create the Meldora platform, managed by Australian agriculture and natural capital asset manager, Gunn Agri Partners (GAP).
Meldora has purchased its first asset, a broadacre and irrigation farm of more than 15,000 hectares in Central Queensland, according to an earlier statement.
Meldora will combine sustainable agricultural production with large-scale Environmental Plantings under the ACCU scheme, underpinned by a long-term offtake from Rio Tinto for part of the ACCUs to be issued. Under the Environmental Plantings methodology for ACCUs, native vegetation is planted and maintained for a minimum of 25 years for some projects and as long as a century for others, providing long-term carbon sequestration and biodiversity benefits, the statement said.
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