The investment will cover the acquisition and provide equity for two ready-to-build solar-and-battery projects that have offtake agreements with Rio Tinto Ltd. and the Australian government. Photo by PEXELS

La Caisse , formerly CDPQ, has agreed to acquire Australian renewable energy and battery developer Edify Energy Pty Ltd. in an investment worth about $1 billion.

Binding agreements have been entered for the purchase, the Canadian pension fund said in a statement Monday. The investment will cover the acquisition and provide equity for two ready-to-build solar-and-battery projects that have offtake agreements with Rio Tinto Ltd. and the Australian government.

La Caisse is one of the world’s biggest pension funds, with about $500 billion in assets, and had invested $13 billion in

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