Quebec-based investment fund La Caisse has signed a deal to buy Australian renewable energy and battery storage company Edify.

The companies say once completed, the transaction, together with further equity capital funding, is expected to represent an investment of about $1-billion.

The investment will fund the acquisition of Edify and provide equity to finance two ready-to-build integrated solar and battery energy storage system hybrid projects.

The deal will also support the company’s pipeline of hybrid and battery storage projects.

Emmanuel Jaclot, executive vice-president and head of infrastructure and sustainability at La Caisse, says Edify will accelerate the delivery of large-scale renewable and storage projects that strengthen the grid and advance decarbonization.

La Caisse, formerly CDPQ, had net assets totalling $496-billion as of June 30.