Engie expands in US renewables with SoCore acquisition
The French power company’s North American division will swoop up 150 MW of solar assets either in operation or under construction in the purchase.
Engie North America has announced a deal to acquire Chicago’s SoCore Energy and its 70 employees from Edison International. Through the acquisition Engie will get 150 MW of solar projects which are either operational or under construction with a deadline for completion by the end of March.
Engie expects the acquisition to close in the second quarter of this year. Terms of the deal were not disclosed, but Engie has stated that it plans to keep both SoCore’s employees and its headquarters in Chicago.
SoCore develops, owns and operates municipal, community and commercial and industrial solar projects in more than 20 states. The company claims 170 MW of solar projects in late-stage development, as well as energy storage projects.
Engie notes that it has been seeking to expand in North America, and says that SoCore will be a key piece of the solutions that it offers to its customers, which spans both renewable energy and natural gas generation and supply. The company currently has 270 MW of combined utility-scale and onsite solar installed for its commercial, industrial and public sector customers.
This acquisition comes only two weeks after Engie acquired American wind developer Infinity Renewables, which boasts more than 8 GW of projects in various stages of development.
Marathon Capital advised SoCore and Edison International in the transaction. As of this transaction Edison International will no longer have any subsidiaries that focus solely on renewable energy, however renewable energy is among the offerings at subsidiary Edison Energy.
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