ENGIE North America buys SoCore Energy’s solar project assets
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. To that end, ENGIE North America Inc. signed an agreement to acquire SoCore Energy, a fully-integrated developer, owner, and operator of municipal/co-op solar, community solar, 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 approximately 70 employees.
What’s the plan?
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.
“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,” said Frank Demaille, President and CEO of ENGIE North America. “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,” he added.
Rob Scheuermann, CEO and President of SoCore Energy, said, “The SoCore team is enthusiastic about joining the ENGIE group. 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.”
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 (NYSE:EIX), the parent company of SoCore.
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