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ENGIE to acquire solar business SoCore from Edison International

ENGIE North America Inc. on March 5 announced an agreement to acquire solar developer SoCore Energy LLC from Edison International.

The acquisition includes 150 MW of solar assets in operation or under construction by March 31, 170 MW of solar projects in late-stage development, as well as projects combining battery storage elements. ENGIE said in a news release it plans to retain SoCore's personnel, its Chicago-based headquarters and will complete SoCore's late-stage projects.

SoCore is a fully integrated developer, owner, and operator of municipal and cooperative solar, community solar, and commercial and industrial solar projects with a footprint across the United States.

Financial terms of the deal were not disclosed. Engie North America is a subsidiary of French energy giant ENGIE SA.

"As with our recently announced acquisition of wind developer [Infinity Renewables LLC], 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," ENGIE North America President and CEO Frank Demaille 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."

Marathon Capital served as the financial adviser to Edison International and SoCore.