Electric-power generator and distributor Edison International (NYSE: EIX ) said today it had completed its previously announced acquisition of privately held distributed solar developer SoCore Energy.
SoCore focuses on solar energy for multi-site retailers, real estate investment trusts, and large commercial and industrial clients. SoCore Energy designs, installs, and operates 80 commercial-scale solar installations in 11 states. It was responsible for Walgreen's largest solar-energy rollout and counts as key clients Ikea, Kimco Realty, and mall operator Simon Property Group.
Where Edison is impressed with SoCore's client list and the pipeline of projects it brings to the table, SoCore President and CEO Pete Kadens said, "Aligning with a well-branded and progressive energy partner will enhance our attractiveness to customers and broaden our suite of offerings."
Financial details of the acquisition were not revealed, but previously analysts noted that approval is required of any acquisition valued at more than $10 million. As of late last year, SoCore generated sales above $30 million annually and was growing 500% per year.
SoCore Energy will become a wholly owned indirect subsidiary of Edison International, with its management team, employees, and operations continuing to be based in Chicago.