TEMPE, Ariz., March 31, 2021 (GLOBE NEWSWIRE) — First Solar, Inc. (Nasdaq: FSLR), announced the completion of the previously announced sale of its North American Operations and Maintenance (O&M) business to NovaSource Power Services (“NovaSource”) today.
On closing of the transaction, approximately 270 First Solar O&M associates joined NovaSource. The acquisition makes NovaSource the largest O&M provider globally. NovaSource is a portfolio company of Toronto-based private equity firm Clairvest Group Inc. (TSX: CVG) (“Clairvest”).
About First Solar, Inc.
First Solar is a leading global provider of comprehensive photovoltaic (PV) solar solutions, which use its advanced module and system technology. The company’s integrated power plant solutions deliver an economically attractive alternative to fossil-fuel electricity generation today. From raw material sourcing through end-of-life module recycling, First Solar’s renewable energy solutions protect and enhance the environment. For more information about First Solar, please visit www.firstsolar.com.
Clairvest’s mission is to partner with entrepreneurs to help them build strategically significant businesses. Founded in 1987 by a group of successful Canadian entrepreneurs, Clairvest is a top performing private equity management firm with over CAD $2.5 billion of capital under management. Clairvest invests its own capital and that of third parties through the Clairvest Equity Partners limited partnerships in owner-led businesses. Under the current management team, Clairvest has initiated investments in 56 different platform companies and generated top quartile performance over an extended period.