Canadian pension fund La Caisse is acquiring Australian renewables developer Edify Energy for C$1.1 billion ($725 million), securing a foothold in a market it has long sought to enter.
La Caisse, which manages nearly C$500 billion ($550 billion) in net assets, will commit about C$1 billion in equity. Roughly one-third will go toward the acquisition, with the rest funding two integrated solar-and-battery projects.
The deal marks La Caisse’s first investment in Australian renewables after years of searching for an entry point, including an unsuccessful bid for Tilt Renewables in 2021.
“We don’t have renewables in Australia, which is something I was trying to fix because I think it’s a great market … we want to be part of that,” Emmanuel Jaclot, executive vice president and head of infrastructure and sustainability at La Caisse, said. “We’re hoping we can turbocharge the development of…
