One of the world’s largest solar O&M providers, NovaSource Power Services (NovaSource), which entered the Australian market in May 2022, has made its first big move with the acquisition of the Australian O&M assets of First Solar, Inc.
The deal was helped by the close relationship of the two companies, NovaSource having spun off from First Solar in 2021.
According to a company statement, the Australian expansion adds 500 MW of solar energy production to NovaSource’s global portfolio which includes over 20 GW of solar power plants across 11 countries.
The deal is a sign that the Australian market looks to be following the US and Europe where O&M provision is already at advanced levels of consolidation.
O&M is increasingly seen as one of the last levers through which reductions in LCOE can be achieved for PV project owners and operators, a lever that is increasingly being pulled by large companies with consolidated assets capable of thorough digitisation. By employing more advanced O&M techniques and technologies, such as digital fault analytics, advanced failure warnings, aerial (remote) imaging and automated cleaning services, existing PV projects can be made more productive.
The acquisition followed a $159 million (USD 100 million) investment in NovaSource by Omers Private Equity, the private equity arm of Omers, a Canadian pension plan for municipal employees. And it looks as if little time has been wasted in putting that capital to use as the company expands into the lucrative Australian market.
NovaSource’s president for international operations, Timo Moeller, said the company was thrilled to expand its global feet into Australia’s growing solar market.
“Our team is energised to present our current and future stakeholders through APAC a higher standard of technical services,” said Moeller.
NovaSource spun off from First Solar in 2021 and joined forces with SunPowers O&M.