Edison International (NYSE:EIX) today announced that it has completed the acquisition of SoCore Energy, LLC. Based in Chicago, SoCore Energy is a distributed solar developer focused on commercial rooftop installations.
Financial details of the transaction were not disclosed. SoCore Energy will become a wholly owned indirect subsidiary of Edison International. SoCore Energy’s management team, employees and operations will continue to be based in Chicago.
“SoCore Energy has built an impressive client base and pipeline of solar projects with large retailers and other businesses,” said Bert Valdman, senior vice president of strategic planning at Edison International.
“We are excited about the opportunity to partner with Edison International,” said Pete Kadens, president and CEO of SoCore Energy. “Aligning with a well-branded and progressive energy partner will enhance our attractiveness to customers and broaden our suite of offerings. The future is indeed bright for SoCore Energy.”
SoCore Energy, a privately held company, was established in 2008 and focuses on the solar energy needs of multisite retailers, real estate investment trusts (REITs) and large commercial and industrial clients. SoCore Energy has designed, installed, and operates 80 commercial-scale solar installations in 11 states.
The company is responsible for executing one of the country’s largest solar energy rollouts for drugstore chain Walgreens. Key clients also include IKEA, Kimco Realty, and the Simon Property Group.
About Edison International
Edison International (
), through its subsidiaries, is a generator and distributor of electric power and an investor in infrastructure and energy assets, including renewable energy. Headquartered in Rosemead, Calif., Edison International is the parent company of Southern California Edison, one of the nation’s largest electric utilities.
About SoCore Energy
) is the market leader in solar portfolio development and commercial rooftop installations. An Edison International company, SoCore focuses on the solar energy needs of its clients
REITs and industrial companies
combines engineering excellence and financial innovation to reduce the operational and bottom-line expense of solar energy implementation and cut energy costs.