La Caisse – Edify NSW Development assets
MN-01031
View on ACCC websiteStage
Phase 1 - initial assessment
Effective Notification
29/10/2025
End of Determination Period
10/12/2025
Determination Published
26/11/2025 (28 cal / 20 bus. days)
Determination
Acquirers
CAISSE DE DEPOT ET PLACEMENT DU QUEBEC
ACN: 154 317 209
Targets
Edify New South Wales LandCo Pty Ltd
ACN: 691 053 317
Description
Caisse de dépôt et placement du Québec (La Caisse), through a wholly owned and controlled special purpose vehicle, C Renewables Australia Pty Ltd (C Renewables), proposes to acquire Edify New South Wales Landco Pty Ltd (Edify NSW) through a share sale agreement.
La Caisse is a global investment group headquartered in the Province of Québec (Canada) active globally in major financial markets, private equity, fixed income, infrastructure and real estate. In Australia, its investments in infrastructure are in Transgrid, the Port of Brisbane, Sydney Metro, DPW Australia, and Westconnex. La Caisse's other investments in Australia include investments in Gunn Agri Partners (farmland management), Greenstone, (insurance), ESR (logistics estate) and Scape.
Edify NSW is an Australian renewable energy generation and storage asset developer. On 21 September 2025, Edify NSW entered into an asset sale agreement to acquire certain assets (e.g., options over land, contracts, preliminary connection arrangements and documents, environment and planning applications and documents, intellectual property, and records) from Edify Energy (an Australian renewable energy generation and storage asset developer), which have the potential to be developed into renewable energy projects in NSW (NSW Development Assets). Should the NSW Development Assets be developed into renewable energy projects, they will be connected into the National Electricity Market (NEM) in NSW.
While La Caisse does not presently own or operate any energy generation or storage assets in Australia, on 21 September 2025, C Renewables entered into an agreement to acquire Edify Energy which owns certain assets which have the potential to be developed into renewable energy projects in Queensland, Victoria and South Australia.
In addition, La Caisse is a minority securityholder in Transgrid, which is the Transmission Network Service Provider for the high-voltage electricity transmission network in NSW and the Australian Capital Territory. This network forms part of the NEM.
Commentary
La Caisse's acquisition of Edify NSW renewable energy development assets was cleared by the ACCC. The transaction raised potential vertical integration issues given La Caisse's 22.5 per cent interest in Transgrid, the monopoly transmission network operator in NSW and the ACT. The ACCC determined that:
- there is no horizontal competitive overlap as La Caisse has no electricity generation assets in Australia;
- La Caisse does not have the ability to direct or influence Transgrid's decision-making in a material way, despite its minority interest; and
- La Caisse is unlikely to have the ability to foreclose rival renewable developers' access to Transgrid's transmission network services.
In reaching its decision, the ACCC said that it examined La Caisse's governance arrangements and conflicts policy at Transgrid.
Updated 19/01/2026
Timeline & Events
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Questionnaire released for La Caise acquisition Edify NSW Development assets
30/10/2025
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Merger notified to ACCC
29/10/2025