NovaSource Power Services, a global leader in solar operations and maintenance ("O&M") services and a portfolio company of Clairvest Group and OMERS Private Equity, the private equity arm of OMERS, announced the expansion of its global operations into Australia with the acquisition of the Australian O&M assets of First Solar.
The acquisition is part of a global expansion strategy helmed by NovaSource's CEO, Troy Lauterbach. When Lauterbach assumed the helm of NovaSource as its CEO, he announced the goal of becoming both a national and global leader in renewable O&M services. As part of that mission, Lauterbach named Timo Moeller as President of International Operations. According to Lauterbach, "Timo and I have a long career together, and I know he is the right person to lead our global expansion."
The expansion into Australia adds approximately 500 MW of solar energy production, located across the Australian continent, to NovaSource's global fleet. The acquisition signals NovaSource's continued focus on expanding its platform and driving continued market growth in a strong, renewable energy-focused market.
"We are thrilled to expand NovaSource's global fleet into Australia's growing solar market. Our team is energized to present our current and future stakeholders through APAC with a higher standard of technical services," said Moeller. "The Company's global framework, deep knowledge, and industry expertise will enable our Australian operations to deliver experienced leadership and long-term value to our customers."
Currently, NovaSource operates and maintains over 20GW of solar power plants across 11 countries and is a leading operator of battery storage systems.
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