Edison International has purchased Chicago-based SoCore Energy, a distributed solar developer focused on commercial rooftop installations. Financial details of the transaction were not disclosed.
SoCore Energy will become a wholly owned indirect subsidiary of Edison International, and SoCore Energy’s management team, employees and operations will continue to be based in Chicago.
SoCore Energy, a privately held company, was established in 2008 and focuses on the solar energy needs of multi-site retailers, real estate investment trusts (REITs) and large commercial and industrial clients. SoCore Energy has designed, installed, and operates 80 commercial-scale solar installations in 11 states. The company is responsible for executing one of the country’s largest solar energy rollouts for drugstore chain Walgreens. Key clients also include IKEA, Kimco Realty, and the Simon Property Group.
In June, Walgreens said it was working with SoCore Energy to build more than 200 new solar installations at Walgreens drugstores throughout California, Connecticut, Delaware, Massachusetts, New Jersey and New York. This latest expansion will bring the number of completed solar installations at Walgreens stores to more than 350 of its more than 8,000 stores.
Edison International, headquartered in Rosemead, Calif., is a generator and distributor of electric power and an investor in infrastructure and energy assets, including renewable energy. Edison International is the parent company of Southern California Edison, one of the nation’s largest electric utilities.