7 August 2020
First Solar selling North American O&M business to NovaSource
Cadmium telluride (CdTe) thin-film photovoltaic module maker First Solar Inc of Tempe, AZ, USA has entered into a membership interest purchase agreement for NovaSource Power Services, a portfolio company of Toronto-based private equity firm Clairvest Group Inc, to acquire its North American operations and maintenance (O&M) business.
Upon closing of the transaction, about 220 First Solar O&M associates are expected to be transferred with the acquired business.
In May, Clairvest supported a management buy-out of SunPower Corp’s O&M business, which was subsequently renamed NovaSource. NovaSource oversees solar projects in the USA and currently operates in nine countries.
Completion of the transaction is subject to closing conditions including the receipt of third-party consents, the expiration of the waiting period under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976, and review by the Committee on Foreign Investment in the United States (CFIUS).
Additionally, the transaction is subject to certain other customary closing conditions. Assuming satisfaction of these, the transaction is expected to close in fourth-quarter 2020.