Edison International acquires SoCore Energy
Edison International has said on Monday that it has acquired SoCore Energy LLC, which is a provider of commercial rooftop solar energy equipment from Chicago.
California's second-largest electric utility did not disclose the amount for taking over SoCore Energy that focuses on installing and operating solar energy-generating projects for commercial and industrial customers. SoCore already has 80 solar projects in 11 states and it counts Walgreen Co., Ikea and Simon Property Group among its major clients in the country.
Bert Valdman, Edison's senior vice president of strategic planning said, "SoCore Energy has built an impressive client base and pipeline of solar projects with large retailers and other businesses."
SoCore Energy will not start working as a wholly owned subsidiary of Edison and will continue to be based in the city of Chicago. SoCore was established in 2008 and focuses on retailers with multiple stores, real estate investment trusts and large commercial and industrial clients. The acquisition by Edison is a part of its plans to expand its presence in the solar energy market and reduce dependence on energy utility grids.
Edison had invested in Francisco start-up, Clean Power Finance that aims to provide online financing for residential solar systems.