NovaSource comes to be globe's 'largest' O&M business with First Solar acquisition

• Solar professional NovaSource, which is owned by Canadian financier Clairvest, has actually completed its purchase people producer First Solar's operations and also maintenance (O&M) organization.

Personal equity group Clairvest has actually spent US$ 67 million in the purchase of the subsidiary, called First Solar Energy Services, which positions NovaSource as a dominant force in the progressively competitive O&M room. Clairvest said in a statement it is currently the world's biggest O&M organization through its procurement as well as mergings with 3 business within the past year.

The Canadian investor developed NovaSource last year, when it acquired the asset management unit of component producer Sunpower, and later introduced a strategy to get First Solar's US O&M service. The new company can deal with utility-scale, business as well as commercial (C&I) and also household solar setups as part of its offering.

Ken Rotman, Clairvest's managing director, stated the purchase would place NovaSource as a "clear market leader".

First Solar's O&M group brings "very useful sector expertise", Rotman said, with NovaSource's chief executive Jack Bennett including that the acquisition will certainly "accelerate" the business's financial investment in "new technologies, systems as well as business lines" to supervise clients' power systems.

Bringing multiple sector leaders right into one company will guarantee the business's earnings in the increasingly competitive O&M room, said Troy Lauterbach, senior vice president of Energy Services at First Solar Energy Services (FSES).

FSES, he stated, shares Clairvest's "excitement and also common goal to be the procedures and upkeep service provider of selection for players in the solar industry."

It comes after the Clairvest subsidiary, then-called NovaSource Power Services, began 2021 by merging with SunSystem Technology. The combined group ended up being referred to as NovaSource and also is functional in nine nations, and also stated in a statement the merger will certainly reduce both specialist's drivetime and bring a bigger critical service protection.