Engie North America has signed an agreement to acquire SoCore Energy, which owns and operates municipal, commercial and industrial solar projects in the US.
Through the acquisition, Engie North America intends to expand its solar portfolio to offer clean energy for the US municipalities, public utilities, and corporations.
The acquisition will include 150MW of solar assets that are currently in operation or under construction until 31 March 2018, as well as 170MW of solar projects in late-stage development, and projects combining battery storage elements.
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 US.
“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.”
Headquartered in Chicago, SoCore has a workforce of nearly 70 employees and offers services ranging from project formulation and development, engineering, project financing, procurement, project management, and operations management.
SoCore Energy president and CEO 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.”
The company intends to retain SoCore’s staff after completing the deal, as well as its Chicago-based headquarters.
The combined Engie and SoCore team will also be working together to complete development and construction of the late-stage projects that are part of SoCore’s portfolio.
Once completed, the joint projects will be operated by Engie to fulfill the growing demand for clean energy in the US.