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.