Canadian pension fund La Caisse snaps up Sydney-based Edify Energy for $1bn
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The news: Canadian pension fund La Caisse has paid roughly $1.1 billion to acquire renewable power developer Edify Energy, its 1.1 gigawatt (GW) portfolio of operating solar and battery farms and development assets.
The numbers: Edify's 11 GW development portfolio includes both hybrid and battery storage projects. Operating assets include the Whitsunday solar farm and three others on the Whitsunday Islands including Hamilton, Daydream and Hayman.
The two most advanced developments are Smoky Creek & Guthrie's Gap project and the Ganymirra and Majors Creek project, both of which are in Queensland. Together the solar and battery hybrid projects have a 900 megawatt (MW) installed capacity.
The context: La Caisse is a seasoned infrastructure investor in Australia with stakes in New South Wales transmission grid operator TransGrid and Sydney toll road WestConnex.
La Caisse won the right to buy Edify via a competitive auction process which also reportedly featured IFM Investors and Copenhagen Infrastructure Partners.
Edify was founded in 2015 by Sydney-based entrepreneur John Cole and has since developed 1.1 GW of solar and solar hybrid renewable energy assets.
Advisors on the transaction included ICA Partners (financial) and Clifford Chance (legal) for La Caisse and Lazard Australia (financial) and Herbert-Smith Freehills Kramer (legal) for Edify Energy.
What they 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," founder and executive chair John Cole 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."
La Caisse executive vice president and head of infrastructure and sustainability Emmanuel Jaclot 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."
The source: Edify media release
