Canada's Omers injects USD 100m into solar O&M provider NovaSource

Image by NovaSource Power Services (www.novasourcepower.com)

August 10 (Renewables Now) - The private equity arm of Canadian pension fund Omers has invested USD 100 million (EUR 97.9m) to take a minority stake in NovaSource Power Services, a US-based provider of operations and maintenance (O&M) services to the solar power industry.

Omers did not specify the size of the acquired stake in its press release on Tuesday.

NovaSource, a portfolio company of Clairvest Group Inc (TSX:CVG), at present has more than 20 GW of solar assets under management in North and South America, Asia, Europe, the Middle East and Africa (EMEA) and Australia. In the US, the company says it is the largest independent solar O&M provider.

Following the investment of Omers Private Equity, NovaSource will continue to be majority-owned by Clairvest. The fresh funds will help the O&M firm to further expand its business on a global scale.

“Omers brings expertise and relationships in the industry which will complement nicely with Clairvest’s deep knowledge in the renewable energy sector,” said Angus Cole, Managing Director of Clairvest.

At the start of 2022, NovaSource acquired Heliolytics Inc, a Canadian provider of aerial site inspection, site optimisation, and advanced site analysis for solar farms.

(USD 1.0 = EUR 0.979)

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