Edison Buys Solar Power CompanyMonday, August 5, 2013
Edison International said Monday that it has acquired Chicago commercial rooftop solar provider SoCore Energy LLC.
The Rosemead parent of Southern California Edison did not say how much it paid for privately held SoCore Energy, installs and operates solar energy-generating projects for commercial and industrial customers. It has 80 solar projects in 11 states, with clients that include Walgreen Co., Ikea and shopping mall owner Simon Property Group Inc.
“SoCore Energy has built an impressive client base and pipeline of solar projects with large retailers and other businesses,” Bert Valdman, Edison’s senior vice president of strategic planning, said in a statement.
SoCore Energy will operate as a wholly owned subsidiary of Edison and will continue to be based in Chicago. The deal is part of Edison’s effort to increase its presence in the solar power industry, enabling users to reduce reliance on conventional energy utility grids. The company invested in Clean Power Finance Inc., a San Francisco start-up that provides online financing for residential solar systems, in April.
Edison shares closed down 62 cents, less than 1 percent, to $48.75 on the New York Stock Exchange.