NovaSource Power Services, an O&M services provider, announced the expansion of its global operations into Australia with the acquisition of the Australian O&M assets of First Solar.
NovaSource is a portfolio company of Clairvest Group, a private equity management firm, and OMERS Private Equity, the private equity arm of the Canadian Pension Fund.
The expansion into Australia adds approximately 500 MW of solar energy production across the Australian continent to NovaSource’s global fleet. The company currently operates and maintains over 20GW of solar power plants across 11 countries.
“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 Timo Moeller, President of International Operations. “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.”
First Solar is an American manufacturer of solar panels and a provider of utility-scale PV power plants and supporting services.
Apart from selling its Australian O&M assets to NovaSource, First Solar announced that it recently sold its O&M platform in Japan to funds managed by PAG Real Assets, which had approximately 665 MW of solar assets under management in the country.
Earlier this year, NovaSource Power Services and SunSystem Technology acquired Heliolytics, a provider of aerial site inspection, site optimization, and advanced site analysis for solar projects. NovaSource said this strategic acquisition complements its existing O&M portfolio and strengthens its ability to offer lifecycle services within the renewable energy sector.
According to Mercom’s 1H and Q2 2022 Solar Funding and M&A Report, in 1H 2022, there were 53 solar M&A transactions compared to 54 transactions in 1H 2021.
Recently, Brookfield Renewable, an owner, operator, and developer of renewable power, has agreed to acquire Scout Clean Energy, a renewable energy developer, for $1 billion with the potential to invest an additional $350 million to support the business development activities.