On September 22, 2025, La Caisse de dépôt et placement du Québec (La Caisse) announced that it had signed an agreement to acquire Edify Energy, one of Australia’s leading renewable energy and battery storage developers, in a transaction valued at approximately AUD 1.1 billion (USD 724.6 million). The deal marks a milestone for both companies and highlights Australia’s growing importance as a hub for large-scale renewable infrastructure.

The investment will finance two flagship hybrid projects in Queensland—Majors Creek & Ganymirra and Smoky Creek & Guthrie’s Gap—representing a combined 900 megawatts of solar paired with 900 megawatts and 3.6 gigawatt-hours of storage. These projects are designed to strengthen grid reliability and provide firm, dispatchable green power to both industry and the national electricity system. With financial close expected in the near term, the acquisition significantly boosts Edify’s balance sheet and positions the company to accelerate execution across its broader development pipeline.

Edify Energy, founded in 2015 and headquartered in Sydney, has delivered 11 renewable energy and storage projects to date, channeling nearly AUD 1.9 billion into Australian clean energy infrastructure. Its operating portfolio powers more than 280,000 homes and avoids over 750,000 tonnes of carbon emissions each year. Beyond operating assets, Edify controls a development pipeline of more than 11 gigawatts, including solar-plus-storage hybrids, standalone battery projects, and a pioneering green hydrogen initiative in Townsville. This pipeline is carefully sequenced, with nearly one-fifth of projects expected to be ready-to-build by 2025, followed by steady growth in 2026 and 2027.

A cornerstone of Edify’s strategy is its focus on long-term contracted revenues, underpinned by innovative offtake arrangements. The company has secured a USD 2 billion agreement with Rio Tinto, under which 90 percent of the output from the Majors Creek & Ganymirra and Smoky Creek & Guthrie’s Gap projects will be purchased over 20 years. These projects also benefit from support from the Commonwealth of Australia, ensuring stable returns and enhancing system reliability. In addition, Edify’s Darlington Point Solar Farm continues to sell power and large-scale generation certificates to Delta Electricity under a contract that runs until 2030.

For La Caisse, the acquisition aligns seamlessly with its long-term infrastructure and sustainability strategy, while expanding its presence in the Australian market at a time when demand for dispatchable renewable generation is accelerating. For Edify, the transaction provides the capital strength needed to transform its ambitious pipeline into operational projects that can reshape Australia’s energy landscape.

The deal, advised by ICA Partners and Clifford Chance on La Caisse’s side and Lazard Australia and Herbert Smith Freehills Kramer on Edify’s, remains subject to customary regulatory and change-of-control approvals. Once completed, it will stand as one of the largest renewable energy transactions in Australia in 2025, underscoring the critical role of global institutional investors in financing the clean energy transition.

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