The private equity arm of Canadian pension plan OMERS has acquired a minority stake in solar asset manager NovaSource Power Services.
NovaSource is the largest independent solar O&M provider in the United States.
It supplies O&M services to utility, commercial, industrial, and residential customers, with more than 20GW of solar assets under management.
NovaSource operates a global footprint with a presence in North America, South America, EMEA, Asia, and Australia.
The transaction is in partnership with NovaSource’s leadership team and Clairvest Group, which will continue as the majority equity holder of NovaSource.
The proceeds from the OMERS investment will be used to finance NovaSource’s continued growth.
NovaSource has recently completed the acquisition of Heliolytics to expand its capabilities, and will continue to expand internationally in the months to come.
Clairvest managing director of Angus Cole said: “We are excited to welcome OMERS Private Equity as our partner and help accelerate NovaSource’s growth trajectory over the next few years.
“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.”
NovaSource chief executive Troy Lauterbach said: “We welcome OMERS to the NovaSource community and are excited to see a company of such strategic significance capitalizing on the opportunity to invest for financial growth and social impact.
“Working together, we will build the global leader in solar and storage services and create meaningful social impact tomorrow through our actions today.”
OMERS Private Equity director Scott Hauser added: “As long term investors with deep expertise in services-based businesses, we are thrilled to partner with Troy Lauterbach and the management team at NovaSource, as well as with Clairvest, to help accelerate the Company’s growth and to support the global energy transition by maintaining the lifecycle and efficiency of critical clean energy assets like solar panels.”
Goodmans LLP acted as legal counsel to NovaSource and Clairvest. Weil, Gotshal & Manges LLP acted as legal counsel to OMERS Private Equity.