Ontario — OMERS Private Equity, the private equity arm of OMERS, the pension plan for municipal employees in Ontario, announced it has acquired a minority stake in NovaSource Power Services.
NovaSource provides solar O&M services to utility, commercial, industrial, and residential customers, with over 20GW of solar assets under management.
NovaSource operates a global footprint with a presence in North America, South America, EMEA, Asia, and Australia. It is the largest independent Solar O&M provider in the United States and globally.
The transaction is in partnership with NovaSource’s leadership team and Clairvest Group Inc., 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.
Troy Lauterbach, CEO of NovaSource 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.”
Scott Hauser, Director, OMERS Private Equity, said: “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.”
OMERS says the transaction builds on its Private Equity’s rich history of collaborating with and supporting industry-leading, innovative companies and their management teams. OMERS has a large and growing amount of capital allocated to sustainable investments including solar, wind, and EV battery assets.
Goodmans LLP acted as legal counsel to NovaSource and Clairvest. Weil, Gotshal & Manges LLP acted as legal counsel to OMERS Private Equity.