Herbert Smith Freehills Kramer (HSF Kramer) has advised the Seller on the sale of Edify Energy, an Australian renewable energy generation and storage development business, to Canadian pension fund La Caisse (formerly Caisse de dépôt et placement du Québec).
Founded in 2015, Edify Energy specialises in the development of large-scale renewable energy projects, particularly solar, BESS and hybrids.
Under La Caisse, Edify Energy will work towards delivering on its 11 GW development portfolio, including reaching financial close on the 900 MW, 3.6 GWh Majors Creek & Ganymirra and Smoky Creek & Guthrie's Gap solar / BESS hybrid power stations in Queensland on which HSF Kramer is also advising.
HSF Kramer's Projects, Energy & Infrastructure (PEI) team advised on the sale, led by partner Peter Davis, with support from senior associate Codie Asimus, executive counsel Abbie Pokorny, and solicitors Ella McKay and Sylvia Tran.
Peter said, "It's been a privilege to be involved in this latest stage of Edify Energy's development. The transaction recognises the high value of the business developed by John Cole and the Edify team and we are excited to see what the next stage holds with the strength of La Caisse's balance sheet behind it."
John Cole, Executive Chairman of Edify Energy said "The HSF Kramer team lead by Peter are trusted advisers. They were incredibly committed, hardworking, solutions focussed and a pleasure to deal with at all times. This was a marathon and I was very comfortable to be in HSF Kramer's hands throughout."
The deal is another example of HSF Kramer's market-leading work on major energy projects, after its long-standing work with Edify Energy over many years.
The firm advised Edify Energy on the development, project financing and major equity sale of the 150MW/300MWh Riverina Battery Energy Storage Systems in 2022, on the development, project financing, and 100% equity sale of the 185 MW / 370 MWh Koorangie Energy Storage System in 2023, and on the offtake contracts with Rio Tinto that will underpin the development of the Smoky Creek & Guthrie's Gap Solar Power Stations. The firm also advised Edify Energy's lenders on the project financing of the 240MW Daydream and Hayman solar farms in 2017 and the 333MW Darlington Point Solar farm in 2018.