NovaSource Power Services Acquires SunSystem Technology

Clairvest Acquires SunPower's O&M Business and Rebrands It NovaSource Power Services

May 14, 2020

Energy

Clairvest Group Inc., together with its fund Clairvest Equity Partners VI (CEP VI), acquired the solar operations and maintenance (O&M) business of SunPower Corporation and will rebrand the business as NovaSource Power Services. The transaction is a management buyout with the SunPower O&M leadership taking material equity; Clairvest intends to build NovaSource as a global buy-and-build solar O&M platform to expand capabilities and geographic reach.

NovaSource Acquires First Solar's North American O&M Business

March 31, 2021

Renewable Energy

NovaSource Power Services (a Clairvest-backed platform) completed the acquisition of First Solar’s North American operations & maintenance business (First Solar Energy Services), making NovaSource the largest solar O&M provider globally. Clairvest provided incremental equity to support the deal; the transaction transfers First Solar’s North American O&M operations to NovaSource to deepen O&M capabilities across utility, commercial, industrial and residential solar assets.

OMERS Private Equity Makes US$100M Growth Investment in NovaSource Power Services

August 9, 2022

Renewable Energy

OMERS Private Equity has acquired a minority stake in NovaSource Power Services through a US$100 million growth capital investment, alongside NovaSource's leadership team and majority owner Clairvest Group. The proceeds will finance NovaSource's continued growth, capability expansion (including recent acquisition of Heliolytics) and international expansion of its solar operations & maintenance and storage services.

Sunnova Acquires SunStreet, Lennar's Residential Solar Platform

April 1, 2021

Renewable Energy

Sunnova Energy International Inc. completed its acquisition of SunStreet Energy Group, Lennar Corporation’s residential solar platform and has been named Lennar’s exclusive solar and storage service provider for new-home communities across the United States. As part of the deal, Lennar committed to provide tax-equity investments to support Sunnova’s homebuilder customer pipeline, enabling Sunnova to scale installations and offer battery storage and other energy services to SunStreet customers.

SunSource (Clayton, Dubilier & Rice) Acquires K+S Services

July 30, 2021

Industrial Services

SunSource, a portfolio company of private equity firm Clayton, Dubilier & Rice (CD&R), has acquired K+S Services, Inc., a Southgate, Michigan–based provider of industrial repair and service solutions. The acquisition adds K+S’s repair, robotics, automation, electronics and inspection capabilities and 14 operating facilities (and ~270 employees) to SunSource’s service & repair and industrial solutions platform as an add-on acquisition.

MyPower Corp. (Mitsui Affiliate) Acquires Solstice Power Technologies

October 12, 2022

Renewable Energy

MyPower Corp., an affiliate of Mitsui & Co., Ltd., has acquired Solstice Power Technologies, a Cambridge-based customer acquisition and subscriber-management services provider for community solar projects. The deal gives MyPower a foothold in the U.S. community solar market and brings Solstice's customer-management and subscriber software capabilities to Mitsui's broader clean-energy investment platform.