Edison International (NYSE: EIX) applied June 25 at the Federal Energy Regulatory Commission for approval of its planned takeover of SoCore Energy LLC, which is engaged in the ownership and leasing of rooftop solar generation facilities.
“The Proposed Transaction does not present any concerns with respect to adverse effects on competition, rates, or regulation, and does not raise any concerns regarding cross- subsidization,” Edison told FERC. “Accordingly, the Commission should approve the Proposed Transaction pursuant to [Federal Power Act] FPA section 203. Applicant respectfully requests that the Commission promptly issue an order authorizing the Proposed Transaction.”
SoCore is a Delaware limited liability company that provides solar power solutions for retailers, real estate investment trusts (REIT), and industrial entities, including engineering and design services, management and monitoring, and financing.
SoCore owns 57 rooftop solar facilities at various locations in the states of Illinois, New Jersey, and Ohio, all located within the PJM Interconnection balancing authority area, with a total generating capacity of 2.678 MW. These solar generators are leased to individual retail outlets and REITs, which use the power generated by the facilities to meet the electricity demand at their individual sites.
SoCore does not engage in the sale of electric energy at wholesale in interstate commerce, and owns no transmission facilities other than limited facilities used to connect individual generating facilities to the transmission grid, Edison noted.
Under the proposed transaction, an indirect, wholly-owned subsidiary of Edison International will acquire all of the issued and outstanding equity of SoCore through a merger in which a limited liability company formed by Edison will merge into SoCore, leaving SoCore as the surviving entity.