Energy utility Edison International has acquired SoCore Energy, a Chicago-based commercial rooftop solar developing company.
The deal gives Edison access to the booming distributed solar energy market in the US, which utilities across the country have identified as a threat to their business model.
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SoCore Energy will become a fully owned indirect subsidiary of Edison International. Edison has not disclosed the financial transaction details, but management, operations and employees will resume in Chicago.
“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.”
Bert Valdman, senior vice president of strategic planning at Edison International said “SoCore Energy has built an impressive client base and pipeline of solar projects with large retailers and other businesses.”
SoCore Energy has designed, installed, and operates 80 commercial-scale solar installations in 11 states.
Earlier this year Edison International also invested in solar financiers, Clean Power Finance, mirroring a market surge in solar investment in the US.
Edison International owns Southern California Edison, one of America’s largest utilities. Southern California Edison purchases 64% of its energy from independent power producers (IPP).