Net-Zero Asset Owners Like OMERS Gobble First Solar’s O&M Assets

Posted on 10/08/2022

NovaSource Power Services, which operates and maintains over 20GW of solar power plants across 11 countries and is a operator of battery storage systems, announced its global operations expansion into Australia with the acquisition of the Australian operations and maintenance (O&M) assets of First Solar, Inc., which closed on September 30, 2022. The expansion into Australia adds approximately 500MW of solar energy production, located across the Australian continent, to NovaSource’s global fleet.

NovaSource Power Services is a portfolio company of Clairvest Group Inc. (TSX: CVG) and OMERS Private Equity, the private equity arm of the Ontario Municipal Employees’ Retirement System.

On October 5, 2022, First Solar, Inc. completed the previously announced sale of its solar operations and maintenance (O&M) platform in Japan to funds managed by PAG Real Assets. The platform has approximately 665 megawatts (MW) DC of solar assets under management in the country. As part of the sale, the majority of First Solar O&M employees in Japan have joined PAG. PAG is an Asia Pacific-focused private investment manager with more than $50 billion in assets under management.

Keywords: Ontario Municipal Employees Retirement System.

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