NovaSource Power Services acquires First Solar’s Australian O&M business

CHANDLER, Arizona, October 4, 2022 /PRNewswire/ — NovaSource Power Services (“NovaSource” or the “Company”), a global leader in solar operation and maintenance (“O&M”) services and a Clairvest Group Inc. portfolio company. (“Clairvest”, TSX: CVG ) and OMERS Private Equity, the private equity arm of OMERS, announced the expansion of its global operations in Australia with the acquisition of the Australian O&M assets of First Solar, Inc., which closed on September 302022

The acquisition is part of a global expansion strategy led by NovaSource CEO, Troy Lauterbach. When Lauterbach took the helm of NovaSource as its CEO, he announced the goal of becoming both a national and global leader in renewable operations and support services. As part of this mission, Lauterbach named Timo Möller President for international operations. According to Lauterbach, “Timo and I have a long career together and I know he is the right person to lead our global expansion.”

The expansion in Australia adds approximately 500 MW of solar power generation located on the Australian mainland to NovaSource’s global fleet. The acquisition signals NovaSource’s continued focus on expanding its platform and driving continued market growth in a strong market focused on renewable energy.

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

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

About NovaSource Power Services

NovaSource Power Services, a portfolio company of Clairvest Group Inc. (“Clairvest”, TSX: CVG), is a global provider of O&M services for renewable energy assets. NovaSource strives to maintain a world-class culture of safety and integrity while developing lasting partnerships with our customers and team members. As an independent O&M focused company, NovaSource is poised to offer even greater value in design, maintenance and project management to our customers. More information is available at www.novasourcepower.com.

About Clairvest

Clairvest’s mission is to partner with entrepreneurs to help them build strategically meaningful businesses. Founded in 1987 by a group of successful Canadian entrepreneurs, Clairvest is a top performing private equity management firm with over CAD 3.2 billion dollars managed capital. Clairvest invests its own capital and that of third parties through limited partnerships of Clairvest Equity Partners in owner-managed businesses. Under the current management team, Clairvest has originated investments in 59 different platform companies and generated top quartile results over an extended period.

About OMERS Private Equity

OMERS Private Equity manages investments globally on behalf of OMERS, one of the of Canada the largest defined benefit pension plans, p 121 billion Canadian dollars in net assets to December 31, 2021including approx 19.6 billion Canadian dollars in the net asset exposure for private equity investments. With teams in new York, London, Toronto and Singapore, OMERS Private Equity invests in industrials, healthcare, business services and technology, leveraging an evergreen capital base to partner with strong management teams and transform good companies into industry leaders worldwide. www.omersprivateequity.com

SOURCE NovaSource Power Services

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