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    NovaSource Power Services Acquires First Solar's Australian O and M Business


    October 5, 2022 - EquityBites

     

      US-based solar operations and maintenance services provider NovaSource Power Services, a portfolio company of Clairvest Group Inc. (TSX: CVG) and OMERS Private Equity, has expanded into Australia with the acquisition of the Australian O and M assets of First Solar, Inc., the company said.

      The acquisition is part of a global expansion strategy helmed by NovaSource's CEO, Troy Lauterbach. When Lauterbach assumed the helm of NovaSource as its CEO, he announced the goal of becoming both a national and leader in renewable O and M services. As part of that mission, Lauterbach named Timo Moeller president for International Operations.

      The expansion into Australia adds approximately 500MW of solar energy production, located across the Australian continent, to NovaSource's global fleet.

      The acquisition signals NovaSource's continued focus on expanding its platform and driving continued market growth in a strong, renewable energy-focused market.

      Currently, NovaSource operates and maintains over 20GW of solar power plants across 11 countries and is a leading operator of battery storage systems.

      NovaSource Power Services, a portfolio company of Clairvest Group Inc. (TSX: CVG), is a global O and M services provider for renewable energy assets.

      NovaSource seeks to maintain a world-class culture of safety and integrity, while developing lasting partnerships with our customers and team members.

      As an independent, O and M-focused company, NovaSource is poised to offer even greater value in the design, maintenance, and management of our customers' projects.

      Founded in 1987 by a group of Canadian entrepreneurs, Clairvest is a top performing private equity management firm with over CDN 3.2bn of capital under management.

      Clairvest invests its own capital and that of third parties through the Clairvest Equity Partners limited partnerships in owner-led businesses.

      OMERS Private Equity manages investments globally on behalf of OMERS, one of Canada's largest defined benefit pension plans, with CDN 121 bn in net assets as of December 31, 2021, including approximately CDN 19.6 bn in net private equity investment asset exposure.

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