California-based Edison International has acquired solar developer SoCore Energy in a move that will expand the utility company's ability to install and operate rooftop solar installations for commercial and industry customers.
Edison said the Chicago-based SoCore will become a wholly-owned subsidiary. Details of the deal were not disclosed, although Editon noted in its public filings that regulatory approval was needed for purchases that were more than $10 million.
Bert Valdman, senior vice president of strategic planning at Edison International, said that SoCore has an "impressive client base and pipeline of solar projects with large retailers and other businesses."
Founded in 2008, SoCore specializes in installing solar panels for commercial, industrial and retail customers, including Ikea and Simon Property Group. It is partnering with drugstore chain Walgreen Co. to build more than 200 solar installations at locations in six states.
"Aligning with a well-branded and progressive energy partner will enhance our attractiveness to customers and broaden our suite of offerings," Pete Kadens, chief executive of SoCore, said in a statement.
Edison said the SoCore management team, workers and operations will continue to be based in Chicago.