NovaSource Power Services

Last updated

NovaSource Power Services
IndustrySolar power
HeadquartersChandler, Arizona, United States
ServicesUtility-scale solar O&M

Commercial & industrial solar O&M Battery energy storage system O&M

Residential solar O&M (U.S. only)

Contents

Parent Clairvest Group, 2020–present
Website https://www.novasourcepower.com/

NovaSource Power Services is an American firm providing operations and maintenance (O&M) services for solar photovoltaic installations. As of April 2021, it was the largest global solar O&M provider, offering services for utility-scale, industrial, and commercial solar installations in multiple countries. [1] [2] The company manages 20 GW of installed solar capacity and $20 million dollars’ worth of solar assets as of May 2022. [3]

History

2020: Founding

NovaSource was founded in 2020 after the Clairvest Group, a Canadian equity management firm, acquired the operations and maintenance division of SunPower Corporation. [4] SunPower’s previous O&M management team were bought out, becoming material shareholders. [5] Jack Bennett, a co-founder of the company and the previous VP of Operations & Maintenance at SunPower, served as NovaSource’s CEO during the transitional period until November 2021. [6]

2021: Further acquisitions and European expansion

In January 2021, NovaSource merged with SunSystem Technology, a commercial and residential solar O&M firm, with combined operations taking place under NovaSource’s name. [7] As a result of the merger, the number of field technicians working at NovaSource increased to 550, distributed across the United States. [8]

NovaSource acquired BALIAN Energy, a French solar plant commissioner, in February 2021. [9] The acquisition marked NovaSource’s first entry into the European solar market.

In April 2021, NovaSource acquired the North American O&M assets of First Solar, with First Solar divesting their O&M business in order to streamline operations. [10] After the acquisition, the number of service technicians employed by NovaSource increased to 700, making the company's solar operations and maintenance workforce the largest in the world. [11] In the same month, NovaSource also signed a lease for a new headquarters office in Chandler, Arizona. [12]

Troy Lauterbach, NovaSource’s other co-founder and the former VP of Energy Services at First Solar, took over as the company’s CEO in November 2021.

In December 2021, NovaSource acquired Heliolytics Inc., an aerial inspection and solar PV data company, to expand its lifecycle services offerings. [13] Heliolytics continues to operate under its own name and supports NovaSource with aerial inspection, analysis, and data-based optimisation of solar installations. [14] In 2022, NovaSource began offering a direct current (DC) availability guarantee based on its proprietary monitoring platform and Heliolytics technology. [15]

2022: OMERS investment and Australia expansion

In August 2022, NovaSource received a $100 million investment from OMERS Private Equity, the buyout arm of Ontario’s pension fund. [16] The investment is part of OMERS’ stated goal of moving away from fossil fuel holdings. [17]

NovaSource acquired First Solar’s Australian O&M business in October 2022, marking its first entry into the Australian market. [18] The acquisition added approximately 500 MW of solar capacity to NovaSource’s operations portfolio. [19]

Operation areas

As of 2022, NovaSource provides operations and maintenance services for utility-scale, commercial, and industrial solar installations, as well as battery storage systems, in 12 countries. [20] These are:

The company also provides residential solar maintenance services in the United States.

Among other photovoltaic installations, NovaSource's U.S. operations portfolio includes the Topaz Solar Farm [21] and Solar Star [22] plants in California, Umbriel Solar [23] in Texas, Sun Streams 3 [24] in Arizona, and Assembly II and III [25] in Michigan. The company also works with the Sacramento Municipal Utility District to perform maintenance for a combination solar plant and habitat restoration area at the former Ranch Seco nuclear site. [26] In Australia, NovaSource operates Greenough River Solar Farm, the country's oldest solar plant. [27]

Awards and appearances

The research and consultancy group Wood Mackenzie listed NovaSource as the #1 global solar O&M provider in 2021 and 2022. [28] [29]

In November 2022, NovaSource’s Global Business Services Center in the Philippines was certified as a Great Place to Work by the organisation of the same name, with an 84% employee satisfaction rating. [30]

NovaSource was featured on Advancements with Ted Danson , an educational television series focusing on innovative technologies, in 2022. [31]

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References

  1. ↑ Mackenzie, Wood (August 25, 2020). "Energy Research & Consultancy". www.woodmac.com. Retrieved January 20, 2023.
  2. ↑ "NovaSource Power Services is World's Largest Solar O&M Provider with Acquisition of First Solar's North American O&M Business". AP NEWS. March 31, 2021. Retrieved January 20, 2023.
  3. ↑ "Solar O&M leader NovaSource now has 20 GW under management (FOTO)". wallstreet-online.de (in German). May 11, 2022. Retrieved January 20, 2023.
  4. ↑ "Clairvest to acquire SunPower unit". www.spglobal.com. Retrieved January 20, 2023.
  5. ↑ Misbrener, Kelsey (May 15, 2020). "SunPower's O&M business to become NovaSource in acquisition". Solar Power World. Retrieved January 20, 2023.
  6. ↑ D, Tim (February 9, 2021). "NovaSource and SST merge, building a powerhouse in solar O&M". Solar Power Investor. Retrieved January 20, 2023.
  7. ↑ Mercure, Matthew (January 26, 2021). "NovaSource Power Services, SunSystem Merge Companies". Solar Industry. Retrieved January 20, 2023.
  8. ↑ D, Tim (February 9, 2021). "NovaSource and SST merge, building a powerhouse in solar O&M". Solar Power Investor. Retrieved January 20, 2023.
  9. ↑ "NovaSource Power Services - BALIAN Energy Joins NovaSource Power Services". Electric Energy Online. Retrieved January 20, 2023.
  10. ↑ "First Solar (FSLR) Sells North American O&M Business to NovaSource". NASDAQ. April 21, 2021.
  11. ↑ "NovaSource Power Services is World's Largest Solar O&M Provider with Acquisition of First Solar's North American O&M Business". AP NEWS. March 31, 2021. Retrieved January 20, 2023.
  12. ↑ AZRE (April 25, 2021). "Chandler Viridian signs NovaSource to large office lease". AZ Big Media. Retrieved January 20, 2023.
  13. ↑ "NovaSource Power Services Completes Acquisition of Heliolytics Inc". Wildeboer Dellelce. Retrieved January 20, 2023.
  14. ↑ "NovaSource acquires Heliolytics to expand lifecycle services". Energy Capital Media. January 5, 2022. Retrieved January 20, 2023.
  15. ↑ Staff, S. B. (July 28, 2022). "Solar O&M provider NovaSource debuts DC Availability Guarantee". Solar Builder Magazine. Retrieved January 20, 2023.
  16. ↑ "OMERS Private Equity Invests US$100 Million of Growth Capital in NovaSource Power Services". finance.yahoo.com. Retrieved January 20, 2023.
  17. ↑ Neuhauser, Alan (August 10, 2022). "OMERS Private Equity invests $100M in Arizona solar firm NovaSource Power Services". Axios. Retrieved January 20, 2023.
  18. ↑ "NovaSource acquires First Solar's Aussie O&M assets". Renewablesnow.com. Retrieved January 20, 2023.
  19. ↑ Ltd, Renews (October 5, 2022). "Solar O&M firm enters the Australian market". reNEWS - Renewable Energy News. Retrieved January 20, 2023.
  20. ↑ Scully, Jules (October 4, 2022). "NovaSource acquires First Solar's Australian O&M assets". PV Tech. Retrieved January 20, 2023.
  21. ↑ www.fitchratings.com https://www.fitchratings.com/research/infrastructure-project-finance/fitch-affirms-topaz-solar-farms-llc-senior-notes-at-bb-outlook-positive-16-02-2023 . Retrieved March 1, 2023.{{cite web}}: Missing or empty |title= (help)
  22. ↑ "Fitch Revises Solar Star's Rating Outlook to Positive and Affirms Sr. Secured Notes at 'BBB-'". www.fitchratings.com. Retrieved March 1, 2023.
  23. ↑ Ludt, Billy (February 7, 2023). "Longroad Energy breaks ground on 202-MW Texas solar project". Solar Power World. Retrieved March 1, 2023.
  24. ↑ Colthorpe, Andy (January 19, 2023). "Powin supplying 860MWh BESS to Arizona PV-plus-storage plant for developer Longroad". Energy Storage News. Retrieved March 1, 2023.
  25. ↑ Misbrener, Kelsey (March 29, 2022). "DESRI brings almost 200 MW of solar online in Michigan". Solar Power World. Retrieved March 1, 2023.
  26. ↑ Misbrener, Kelsey (December 15, 2022). "New collaboration will restore prairie land under Sacramento County solar project". Solar Power World. Retrieved March 1, 2023.
  27. ↑ "Australia's Oldest Utility Scale Solar Plant Celebrates Ten Years - News". Power Electronics World. Retrieved March 1, 2023.
  28. ↑ Mackenzie, Wood (July 30, 2021). "Energy Research & Consultancy". www.woodmac.com. Retrieved January 20, 2023.
  29. ↑ Mackenzie, Wood (November 18, 2022). "Energy Research & Consultancy". www.woodmac.com. Retrieved January 20, 2023.
  30. ↑ "NovaSource Power Services a Great Place To Work®". Great Place To Work Philippines. Retrieved January 20, 2023.
  31. ↑ AdvancementsTV (May 6, 2022). "Explore Developments in Renewable Power on Advancements". Advancements TV. Retrieved January 20, 2023.
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