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


Published on 08/10/2022

NovaSource Power Services, which operates and maintains more than 20 GW of solar power plants in 11 countries and is an operator of battery storage systems, announced the expansion of its global operations in Australia with the acquisition of the Australian operating assets and Maintenance (O&M) of First Solar, Inc., which closed on September 30, 2022. Expansion in Australia adds approximately 500 MW of solar power generation, located across the Australian continent, to the global fleet from Nova Source.

NovaSource Power Services is a holding 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 joined PAG. PAG is an Asia-Pacific-focused private equity manager with over $50 billion in assets under management.

Keywords: Ontario Municipal Employees Retirement System.


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