NovaSource acquires First Solar’s Australian O&M assets

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NovaSource Power Services currently operates more than 20GW of solar power plants. Image: First Solar.

NovaSource Power Services has acquired First Solar’s Australian operations and maintenance (O&M) business, adding approximately 500MW of PV projects to its fleet in the process.

The deal, which closed on 30 September 2022, follows O&M services provider NovaSource’s acquisition of First Solar’s North American O&M business, in a transaction announced in 2020.

Completing that deal last year, NovaSource claimed it was the “world’s largest” solar O&M provider. It currently operates more than 20GW of solar power plants across 11 countries.

US-based NovaSource said the Australia agreement signals its focus on expanding its platform and driving growth in a strong, renewable energy-focused market.

NovaSource is a portfolio company of private equity firm Clairvest and OMERS Private Equity, which manages investments on behalf of Canadian pension fund OMERS and recently acquired a minority stake in the O&M provider.

For First Solar, the deal comes after the US-headquartered company entered into agreements earlier this year to sell its Japanese project development and O&M platforms.

“The sale of these platforms marks the completion of First Solar’s strategic shift to focus on developing, scaling and selling our advanced module technology,” CEO Mark Widmar said in May.

The thin-film manufacturer recently announced it will invest up to US$1.2 billion to expand its manufacturing operations in the US, including setting up a vertically integrated factory with an annual capacity of 3.5GWdc.

As well its US manufacturing footprint, First Solar also operates factories in Vietnam and Malaysia and is setting up a 3.3GWdc production plant in India that is set to be commissioned in the second half of 2023.

6 June 2023
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