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

By Tom Kenning
Facebook
Twitter
LinkedIn
Reddit
Email
Image: Novasource

OMERS Private Equity, an arm of Ontario-focused pension fund OMERS, has acquired a minority stake in the Arizona-headquartered solar operations & maintenance (O&M) provider NovaSource Power Services.

NovaSource, which is owned by Canadian investor Clairvest, provides global O&M services and has more than 20GW of solar and storage assets under management including residential, commercial, industrial and utility-scale power plants across North America, South America, EMEA, Asia and Australia.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

It became the world’s largest O&M business after acquiring US manufacturer First Solar’s O&M business last year. This came after Clairvest also bought the asset management unit of module manufacturer Sunpower leading to the creation of NovaSource.

NovaSource will remain the majority equity holder and proceeds from the OMERS investment will be used to finance NovaSource’s continued growth.

OMERS already has a large and growing number of sustainable investments in solar, wind and EV battery assets. For example, OMERS Infrastructure acquired a 49% interest in the Australian renewable energy platform of utility-scale solar developer Fotowatio Renewable Ventures (FRV) in October last year. It also acquired project developer Leeward Renewable Energy in 2018.

In January, NovaSource acquired aerial inspections and site data services provider Heliolytics – a company that it had already collaborated with – to expand its digital platform capabilities and support international expansion.

Angus Cole, managing director of Clairvest, said “OMERS brings expertise and relationships in the industry which will complement nicely with Clairvest’s deep knowledge in the renewable energy sector. Together, we will help management build an asset of strategic significance in the solar O&M space.”

In a recent feature for PV Tech, Timo Moeller, president of International NovaSource Power Services and head of NovaSource in Europe, warned that short-term thinking by investors in the solar industry was leading to companies cutting down costs. He also called for expertise at every step of a PV project’s lifecycle to maintain long-term standards.

17 June 2025
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 17-18 June 2025, will be our fourth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2026 and beyond.
7 October 2025
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 7-8 October 2025 is our third PV CellTech conference dedicated to the U.S. manufacturing sector. The events in 2023 and 2024 were a sell out success and 2025 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
21 October 2025
New York, USA
Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.

Read Next

June 10, 2025
Australia’s Queensland government has confirmed an AU$2.4 billion investment in the CopperString transmission project, aiming to extend the National Electricity Market (NEM) to the North West Minerals Province.
June 9, 2025
Solar manufacturer Qcells has launched a recycling arm, called EcoRecycle, and a recycling plant in the US state of Georgia.
June 9, 2025
Sonnedix has signed a power purchase agreement (PPA) with Renfe to supply 420GWh of renewable energy annually for its commercial operations.
June 9, 2025
Growing political headwinds threaten to dent US solar manufacturing and project deployment, despite a strong start to 2025.
June 9, 2025
US residential solar installer Sunnova has laid off more than half of its workforce, while a subsidiary from Delaware filed for Chapter 11 bankruptcy.
June 6, 2025
rPlus Energies has secured more than US$500 million for an 800MW solar-plus-storage project in Emery County, Utah, US.  

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 17, 2025
Napa, USA
Upcoming Webinars
June 30, 2025
10am PST / 6pm BST
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
September 16, 2025
Athens, Greece