Transactions - AUGUST 10, 2020

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First Solar agrees to sale of O&M business to NovaSource

by Kali Persall

First Solar has agreed to sell its North American Operations and Maintenance (O&M) business to NovaSource Power Services, a portfolio company of Toronto-based private equity firm Clairvest Group Inc.

Financial terms of the transaction were not disclosed.

NovaSource oversees some of the most high-profile solar projects in the United States and operates in nine countries.

Parent company Clairvest supported a management buy-out of SunPower Corp.’s O&M business in May of this year, which was subsequently renamed NovaSource.

The completion of the transaction is subject to a number of closing conditions and is expected to reach completion in the last quarter of 2020.

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