ENGIE North America announces agreement to acquire SoCore Energy
ENGIE North America Inc. announced Monday an agreement to acquire SoCore Energy, a Chicago-based developer, owner and operator of solar projects across the United States.
The acquisition includes 150 megawatts (MW) of solar assets in operation or under construction by March 31 as well as 170 MW of solar projects in late-stage development and projects that incorporate battery storage elements.
“As with our recently announced acquisition of wind developer Infinity Renewables, with SoCore, ENGIE is investing in an experienced, accomplished development team, and we look forward to working with this team to accelerate the expansion of our renewables presence within the United States,” Frank Demaille, president and CEO of ENGIE North America, said. “By adding more solar energy to our other retail, wind, and biomass offerings in the U.S., we can meet customers’ renewable energy procurement goals much more comprehensively than before.”
ENGIE plans to retain SoCore’s personnel and Chicago-based headquarters. The combined ENGIE and SoCore team will be work to complete development and construction of the late-stage SoCore portfolio and will continue to own and operate those projects following commercial operation.
“The SoCore team is enthusiastic about joining the ENGIE group,” Rob Scheuermann, president and CEO of SoCore Energy, said. “Solar development firmly aligns with the strategic direction of ENGIE, and the combination of our talents will enable accelerated growth in the business, as well as more solutions for customers, including solar-with-storage options.”
Marathon Capital served as the financial advisor to SoCore and Edison International, the parent company of SoCore.
