ENGIE North America signed an agreement to buy SoCore Energy, a fully-integrated developer, owner, and operator of municipal/co-op solar, community solar power, and commercial and industrial (C&I) solar projects with a footprint across the United States.
The acquisition includes 150 MW of solar assets in operation or under construction by March 31, 2018, 170 MW of solar projects in late-stage development, as well as projects combining battery storage elements.
Headquartered in Chicago, SoCore’s capabilities span project origination and development, engineering, project financing, procurement, project management, and operations management. The company has about 70 employees.
Municipalities, utilities, and corporations in the U.S. are increasingly seeking clean energy sources of power, both utility-scale and decentralized, as well as services to run their facilities more reliably and efficiently with fewer carbon emissions and lower costs. ENGIE has been working to expand its offerings in North America to address these needs.
SoCore will be a key piece of ENGIE’s solution set for current and future customers. ENGIE intends to retain SoCore’s personnel and Chicago-based headquarters.
The combined ENGIE and SoCore team will be working together to complete development and construction of the late-stage SoCore portfolio, and will continue to own and operate those projects following commercial operation to support the increasing demand in the U.S. for renewable energy and more broadly the United States’ transition to a cleaner electrical system.
The SoCore team will join a larger family of ENGIE businesses in North America, which span renewable and natural gas-fired power production, including a number of solar projects in operation and under development in the U.S. and Canada, natural gas and liquefied natural gas (LNG) deliveries; retail energy sales to homes and businesses; and a wide range of services to enhance energy efficiency and reduce carbon and cost. ENGIE serves customers ranging from Fortune 500 companies; small businesses; utilities; federal, state, provincial, and municipal governments; universities; and individuals.
Marathon Capital served as the financial advisor to SoCore and Edison International, the parent company of SoCore.