OMERS takes US$ 100 million stake in 'world's largest' solar O&M business NovaSource

Aug 10, 2022 03:08 PM ET
  • OMERS Private Equity, an arm of Ontario-focused pension fund OMERS, has actually gotten a minority stake in the Arizona-headquartered solar operations & maintenance (O&M) provider NovaSource Power Services.
OMERS takes US$ 100 million stake in 'world's largest' solar O&M business NovaSource
Image: Novasource

NovaSource, which is possessed by Canadian capitalist Clairvest, provides international O&M solutions as well as has more than 20GW of solar and storage space assets under management consisting of domestic, industrial, industrial and utility-scale power plants throughout The United States and Canada, South America, EMEA, Asia and also Australia.

It came to be the globe's biggest O&M business after obtaining United States supplier First Solar's O&M business last year. This came after Clairvest likewise purchased the asset administration device of module supplier Sunpower bring about the development of NovaSource.

NovaSource will certainly stay the bulk equity holder and also proceeds from the OMERS investment will certainly be utilized to fund NovaSource's ongoing development.

OMERS currently has a large and growing number of sustainable investments in solar, wind as well as EV battery possessions. As an example, OMERS Infrastructure got a 49% interest in the Australian renewable energy platform of utility-scale solar developer Fotowatio Renewable Ventures (FRV) in October last year. It likewise got project programmer Leeward Renewable Energy in 2018.

In January, NovaSource got aerial examinations and site data services provider Heliolytics-- a business that it had actually currently teamed up with-- to increase its digital platform capacities as well as support global development.

Angus Cole, managing director of Clairvest, said "OMERS brings experience and partnerships in the sector which will certainly complement perfectly with Clairvest's deep knowledge in the renewable energy field. With each other, we will certainly aid administration construct a property of strategic value in the solar O&M space."

In a current feature for PV Tech, Timo Moeller, president of International NovaSource Power Services and head of NovaSource in Europe, warned that short-term reasoning by investors in the solar market was leading to firms reducing costs. He additionally asked for knowledge at every step of a PV project's lifecycle to maintain lasting requirements.

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