SoCore Energy to Acquire 22 Minnesota Solar Projects from SunEdison
September 26 2016 - 1:58PM
Business Wire
Projects could add up to 140 MW of renewable
energy to meet growing demand in state
SoCore Energy, one of the nation’s leading developers and
operators of commercial and distributed solar generation and a
subsidiary of Edison International (NYSE: EIX), announced today
that it has agreed to acquire equity interests in 22 community
solar garden development projects in Minnesota as part of the
SunEdison bankruptcy proceedings, subject to certain conditions.
The acquisition of these equity interests was approved today
with an order from the US Bankruptcy Court in New York, for a total
price of up to $79.8 million if all projects are completed.
Once constructed, these projects will provide up to 140
megawatts (MW) of solar generated power to meet the growing demand
for renewable energy in the state. SoCore has existing solar
installations in Minnesota focused on the needs of commercial
customers and is developing several other solar projects to serve
those customers, as well as electric cooperatives in the state.
These new projects acquired from SunEdison will form an integral
part of SoCore’s expanding portfolio, with several projects
commencing construction as early as the fourth quarter of 2016.
SoCore is targeting completion of all project development and
construction in 2017 using third-party tax equity and debt
financing.
“We are excited to incorporate these high-quality projects into
our development portfolio of assets in Minnesota,” said Robert
Scheuermann, president of SoCore Energy. “These new solar projects
will help to strengthen and accelerate our ability to supply clean,
reliable and cost competitive renewable energy to our customers in
the state.”
“SoCore has the capabilities and track record to deliver these
projects and meet the needs of our customers in Minnesota. We work
with many customers, partners and stakeholders to deliver solar
projects across the United States and are honored to continue to
expand our capacity in Minnesota,” Scheuermann continued.
About SoCore Energy
SoCore Energy (www.SoCoreEnergy.com) is a market leader in
commercial, industrial and distributed solar portfolio development.
With hundreds of solar solutions designed and installed across 17
states, SoCore offers commercial and industrial companies, electric
cooperatives and communities portfolio-wide solar solutions that
provide energy cost savings and carbon reduction opportunities. As
a wholly owned, indirect subsidiary of Edison International (NYSE:
EIX), SoCore combines Edison’s Fortune 500 stability with
entrepreneurial creativity in order to provide energy solutions
that its customers genuinely want and need.
About Edison International
Edison International (NYSE:EIX), through its subsidiaries, is a
generator and distributor of electric power, as well as a provider
of energy services and technologies, including renewable energy.
Headquartered in Rosemead, Calif., Edison International is the
parent company of Southern California Edison, one of the nation’s
largest electric utilities. Edison International is also the parent
company of Edison Energy Group, a portfolio of competitive
businesses that provide commercial and industrial customers with
energy management and procurement services and distributed solar
generation. Edison Energy Group companies are independent from
Southern California Edison.
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version on businesswire.com: http://www.businesswire.com/news/home/20160926006286/en/
SoCore EnergyKevin Phelan,
630-440-3276kphelan@socoreenergy.comorEdison InternationalCharles
Coleman, 626-302-7982charles.coleman@edisonintl.com
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