OMERS Private Equity Buys Stake In Solar O&M Company NovaSource

A minority share in the solar operations and maintenance (O&M) company NovaSource Power Services with headquarters in Arizona has been bought by OMERS Private Equity, a division of the Ontario-focused pension fund OMERS.

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

After purchasing the O&M division of US manufacturer First Solar last year, it became the largest O&M company in the world. After Clairvest also acquired the module maker Sunpower’s asset management division, NovaSource was founded.

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The proceeds from the OMERS investment will be utilised to fund NovaSource’s continued growth, and NovaSource will continue to own the majority of the shares.

In solar, wind, and EV battery assets, OMERS already has a sizable and expanding portfolio of sustainable investments. For instance, in October of last year, utility-scale solar producer Fotowatio Renewable Ventures (FRV) purchased a 49% investment from OMERS Infrastructure in its Australian renewable energy platform. In 2018, it also bought project developer Leeward Renewable Energy.

To enhance the capabilities of its digital platform and promote global expansion, NovaSource purchased the aerial inspections and site data services provider Heliolytics in January.

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“OMERS brings expertise and ties in the industry which will combine nicely with Clairvest’s strong knowledge in the renewable energy sector,” said Angus Cole, managing director of Clairvest. We will work with management to create a strategic asset in the solar O&M sector.