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Edison International acquires SoCore Energy, making the Chicago-based commercial solar developer a wholly owned subsidiary, expanding renewable energy solutions for retailers, REITs, and industrial clients, including Walgreens, IKEA, and major real estate portfolios.
Inside the Issue
Edison International will own SoCore Energy as a wholly owned subsidiary, expanding commercial solar services.
- Terms undisclosed; SoCore becomes an indirect, wholly owned subsidiary.
- Chicago management and operations remain in place post-acquisition.
- Expands commercial solar offerings for retailers, REITs, and C&I clients.
ROSEMEAD, California – Edison International recently 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, whose SoCal utility continues to explore new generation options in the region. 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 for California projects across the market. 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 amid notable project acquisitions by major utilities. 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, paralleling California desert projects reshaping the market today. Key clients also include IKEA, Kimco Realty, and the Simon Property Group.
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