NovaSource Power Services acquires First Solar's Australian O&M Business

CHANDLER, Ariz., Oct. 4, 2022 /PRNewswire/ -- NovaSource Power Services ("NovaSource" or the "Company"), a global leader in solar operations and maintenance ("O&M") services and a portfolio company of Clairvest Group Inc. ("Clairvest", TSX: CVG) and OMERS Private Equity, the private equity arm of OMERS, announced its global operations expansion into Australia with the acquisition of the Australian O&M assets of First Solar, Inc., which closed on September 30, 2022. 

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 global leader in renewable O&M services. As part of that mission, Lauterbach named Timo Moeller 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 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.

"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. "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."

Currently, NovaSource operates and maintains over 20GW of solar power plants across 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 O&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&M-focused company, NovaSource is poised to offer even greater value in the design, maintenance, and management of our customers' projects. More information is available at www.novasourcepower.com.

About Clairvest

Clairvest's mission is to partner with entrepreneurs to help them build strategically significant 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 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. Under the current management team, Clairvest has initiated investments in 59 different platform companies and generated top quartile performance over an extended period.

About OMERS Private Equity

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, including approximately C$19.6 billion in net private equity investment asset exposure. With teams in New York, London, Toronto and Singapore, OMERS Private Equity invests across Industrials, Healthcare, Business Services and Technology, deploying an evergreen capital base to partner with strong management teams and transform good companies into industry leaders around the globe. www.omersprivateequity.com

SOURCE NovaSource Power Services