Caisse de dépôt et placement du Québec is buying Australian renewable energy and battery developer Edify Energy, part of a wider push to expand its holdings Down Under in the years ahead.

The Canadian pension fund giant, now commonly known as La Caisse, said Monday that binding agreements have been struck that will see it acquire Edify and inject capital into the company to finance two ready-to-build solar-and-battery projects now underway. It expects to commit about $1-billion in all.

The two projects will see Edify deliver 900 megawatts of electricity production capacity and 3,600 megawatt-hours of storage. Mining giant Rio Tinto PLC and the Australian government have signed offtake agreements to purchase the resulting power, the Caisse and Edify said in a joint statement.

The investm

See Full Page