Tracked deals
6
6 tracked deals across 2021-2026.
Renewable Energy Buyers & Acquisitions in Arizona
Buyer mix
Mixed buyer set
3 pe · 3 strategic
Top trend
Volume peaked in 2026
2 tracked deals announced in 2026.
Primary Insight
What Stands Out
- QE Solar LLC acquired the Operations & Maintenance division of Vanguard Energy Partners, strengthening O&M capabilities for utility-scale and commercial solar and BESS across the U.S.
- NovaSource Power Services (supported by Clairvest Group Inc. and backed by OMERS Private Equity) has deepened its O&M footprint, including the acquisition of First Solar’s North American O&M business.
- Private equity ownership shows up in multiple ways: Lynx Equity Limited bought Esmay Electric to support continued solar-focused contracting operations, and OMERS Private Equity made a growth investment in NovaSource.
- Manufacturing and project components are represented too—MacLean-Fogg acquired OMCO Solar and will keep OMCO Solar as a distinct brand with its leadership team.
| Buyer (recurring) | What they’re building in Arizona |
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Top Buyers
Illustrative buyers pulled from tracked transactions on this page. This table is capped and intentionally non-exhaustive.
| Buyer | # Deals | Focus | Type |
|---|---|---|---|
| Clairvest Group Inc. | 1 | Investment firm providing private equity capital (owner/i... | PE |
| Lynx Equity Limited | 1 | Diversified Toronto-based private equity firm focused on ... | PE |
| MacLean-Fogg | 1 | Family-owned U.S. manufacturer with engineered industrial... | Family Office |
| NovaSource Power Services | 1 | Independent solar operations & maintenance provider offer... | Strategic (PE-backed) |
| OMERS Private Equity | 1 | Private equity arm of OMERS (a Canadian pension plan) inv... | PE |
| QE Solar LLC | 1 | National provider of operations and maintenance (O&M) and... | Strategic |
| Strata Clean Energy | 1 | Vertically integrated developer, EPC and O&M provider of ... | Strategic |
Acquisition Volume in Renewable Energy in Arizona by Year
Last 4 years
Actual
Full-year estimate
Supporting Data
Recent Transactions
-
- Buyer
- QE Solar LLC
- Target
- Operations & Maintenance division of Vanguard Energy Partners
- Seller
- Vanguard Energy Partners
- Industry
- Renewable Energy
- Location
- Arizona, United States
- Type
- Addon
QE Solar announced the acquisition of Vanguard Energy Partners’ Operations & Maintenance (O&M) division. The deal expands QE Solar’s national renewable energy services platform, strengthening O&M capabilities for utility-scale and commercial solar and battery energy storage systems (BESS) across the United States.
-
February 25, 2026
- Buyer
- MacLean-Fogg
- Target
- OMCO Solar
- Industry
- Renewable Energy
- Location
- Arizona, United States
- Type
- Buyout
MacLean-Fogg, a family-owned U.S. manufacturing enterprise, has acquired OMCO Solar, a factory-direct manufacturer of solar trackers and fixed-tilt solutions. OMCO Solar will continue to operate as a distinct brand within the MacLean-Fogg family, retaining its leadership team.
-
October 1, 2024
- Buyer
- Lynx Equity Limited
- Target
- Esmay Electric
- Seller
- Greg Esmay
- Industry
- Renewable Energy
- Location
- Arizona, United States
- Type
- Buyout
Toronto-based private equity firm Lynx Equity Limited has acquired Esmay Electric, a Lake Havasu City, Arizona electrical contractor specializing in solar panel installations, design and permitting. The founder, Greg Esmay, sold the business as part of his retirement, and Lynx intends to maintain existing customer and employee relationships while supporting the company’s leadership and continued operations in the solar sector.
-
November 15, 2022
- Buyer
- Strata Clean Energy
- Target
- Crossover Energy Partners
- Industry
- Renewable Energy
- Location
- Arizona, United States
- Type
- Buyout
Strata Clean Energy has acquired Phoenix-based Crossover Energy Partners, purchasing 100% of Crossover's assets to incorporate its origination and power-offtake capabilities into Strata's utility-scale solar and storage platform. Senior Crossover leaders will assume roles at Strata and all Crossover employees will merge into the Strata organization to bolster project origination, financing and execution capabilities.
-
- Buyer
- OMERS Private Equity
- Target
- NovaSource Power Services
- Industry
- Renewable Energy
- Location
- Arizona, United States
- Type
- Growth capital
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.
-
- Buyer
- NovaSource Power Services, Clairvest Group Inc.
- Target
- First Solar's North American O&M business (First Solar Energy Services)
- Seller
- First Solar, Inc.
- Industry
- Renewable Energy
- Location
- Arizona, United States
- Type
- Addon
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.
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Frequently Asked Questions
Which renewable energy acquisition themes appear most often in Arizona deals?
Operations & maintenance (O&M) expansion is a major theme, alongside solar contracting (design and permitting) and solar hardware/manufacturing additions.
What does QE Solar’s Arizona acquisition add?
QE Solar LLC acquired Vanguard Energy Partners’ Operations & Maintenance division, expanding QE Solar’s national renewable energy services platform and strengthening O&M capabilities for solar and BESS.
How did NovaSource expand its solar O&M capabilities?
NovaSource Power Services acquired First Solar’s North American O&M business (First Solar Energy Services) and later received a US$100M growth investment from OMERS Private Equity to support continued expansion.
Do Arizona renewable acquisitions include manufacturing and contracting, not just services?
Yes. MacLean-Fogg acquired OMCO Solar (solar trackers and fixed-tilt solutions), and Lynx Equity Limited acquired Esmay Electric, an electrical contractor for solar panel installations, design, and permitting.
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Acquisitions in Arizona
Private Equity-Backed Acquisitions in Arizona
Acquisitions in Arizona in 2026
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Acquisitions in Arizona in 2022