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Engie to acquire SoCore Energy to expand in US solar market

CTBR Staff Writer Published 06 March 2018

French utility Engie’s North American subsidiary has signed an agreement to acquire SoCore Energy, to expand its presence in the US solar power market.

SoCore Energy is an integrated developer, owner and operator of municipal/co-op solar, community solar, and commercial and industrial (C&I) solar projects in the US.

Financial terms about the acquisition were not disclosed. The acquisition includes 150MW in solar assets under operation or under construction by March 31 this year, 170MW solar projects in late-stage development, along with projects combining battery storage elements.

SoCore Energy is headquartered in Chicago, with a workforce of about 70. Its activities span project origination and development, engineering, project financing, procurement, project management, and operations management.

ENGIE North America president and CEO Frank Demaille said: “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.

“By adding more solar energy to our other retail, wind, and biomass offerings in the US, we can meet customers’ renewable energy procurement goals much more comprehensively than before.”

Following the completion of the acquisition,  Engie with retain SoCore’s personnel and headquarters. The combined Engie and SoCore team will work together in completing the development and construction of late-stage SoCore portfolio.

SoCore Energy CEO and president Rob Scheuermann 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.”

In February, Engie North America had acquired Infinity Renewables, a developer of utility-scale wind projects in the US.

The California-based Infinity Renewables along with its funding partner MAP Renewable Energy has completed and sold nearly a dozen projects, totalling 1.6GW.

Image: Engie North America to expand solar portfolio with SoCore Energy acquisition. Photo: Courtesy of graur codrin/FreeDigitalPhotos.net.