NovaSource acquires First Solar’s Australian O&M assets

NovaSource is backed by Clairvest Group, a Canadian mid-market private equity firm, and OMERS Private Equity.

  • The expansion into Australia adds approximately 500MW of solar energy production
  • NovaSource operates and maintains more than 20GW of solar power plants across 11 countries
  • OMERS this year invested $100 million in the company to obtain a minority stake

NovaSource, a Chandler, Arizona-based provider of solar operations and maintenance services to utility, commercial, industrial and residential customers, has acquired the Australian O&M assets of First Solar. No financial terms were disclosed.

NovaSource is backed by Clairvest Group, a Canadian mid-market private equity firm, and OMERS Private Equity. OMERS this year invested $100 million in the company to obtain a minority stake, PE Hub reported.

The acquisition is part of a global expansion strategy helmed by NovaSource’s CEO Troy Lauterbach. Recently, Lauterbach named Timo Moeller president for international operations.

The expansion into Australia adds approximately 500MW of solar energy production. Currently, NovaSource operates and maintains more than 20GW of solar power plants across 11 countries and is a leading operator of battery storage systems.

“We are thrilled to expand NovaSource’s global fleet into Australia’s growing solar market. Our team is energized to present our current and future stakeholders through APAC a higher standard of technical services,” said Moeller in a statement. “The company’s global framework, deep knowledge and industry expertise will enable our Australian operations to deliver experienced leadership and long-term value to our customers.”

Founded in 1987, Clairvest has more than C$3.2 billion of capital under management.

OMERS Private Equity manages investments globally on behalf of OMERS, one of Canada’s largest defined benefit pension plans, with C$121 billion in net assets as of December 31, 2021.