ENGIE North America Inc. has signed an agreement to acquire SoCore Energy, a fully-integrated developer, owner, and operator of municipal, co-operative, community, and commercial and industrial solar projects in the US.
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.
The acquisition is expected to help ENGIE expand its revenue and footprint in the clean energy industry as municipalities, utilities, and corporations are increasingly seeking clean energy sources of power to power their facilities more reliably and efficiently with fewer carbon emissions and at lower costs.
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.
“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, 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.
SoCore’ has approximately 70 employees.