Edison International Acquires SoCore

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.


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  • Report this Comment On August 06, 2013, at 4:39 AM, fooluserEIX wrote:

    My Fool..iiish comments:

    1. Does Edison CEO Ted Craver has any management/leadership or "growing a business" experience in the unregulated side. Last time I checked, almost all the unregulated subs are either gone or the largest one Edison Mission filed for bankruptcy Dec 2012 - where Ted was the CEO before becoming CEO of Edison International. He also was the CEO of Edison Enterprises - which got liquidated competing in the retail and wholesale energy markets. Edison Capital is another IRR negative venture...so many failures and did I mention all the foreign power plants sold at less than purchase price ...

    2. Given Edison Mission is gone, can you justify Ted's $10-$16 million dollar compensation when duplicate layers of leaders getting paid. Two CEO/Presidents - one at Edison International (Ted) and another one at So Cal Edison (Ron) and Two CFOs (Jim at parent) and Linda at So Cal Edison. If I were getting paid $12-$16M , I would also be looking for another company to justify my compensation soon to the "Yes" Board. Well I would try to buy a large company before shareholders take notice but I do not have cash, cash is tied up at So Cal Edison where CPUC has strict restriction how much cash I can pay to Edison International parent. For the time being, this is all I can afford.

    3. Why I am making so much investment in renewable transmission ($5 billion plus)if distributed solar is such a threat. why So cal spending $5B in capex every year? are you managing risk adequately then...

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