Edison International, owner of California’s second-largest electric utility, bought closely held solar rooftop developer SoCore Energy LLC for an undisclosed price.
“SoCore Energy has built an impressive client base and pipeline of solar projects with large retailers and other businesses,” Bert Valdman, senior vice president of strategic planning for Rosemead, California-based Edison, said in a statement today.
The Chicago-based developer installed and operates 80 solar projects in 11 states for commercial customers including Walgreen Co., Ikea, Kimco Realty Corp. and Simon Property Group Inc. The company was founded in 2008 and focuses on retailers with multiple stores, real estate investment trusts and large commercial and industrial clients, Edison said.
Edison Chairman and Chief Executive Officer Ted Craver has said the company wants to boost investment in the rooftop solar industry, as more customers install panels and tap less electricity from the grid. In April, Edison bought a stake in Clean Power Finance Inc. to help the company expand its online financing service for residential solar systems.
PG&E Corp. owns the largest utility in California.