Clairvest’s portfolio company NovaSource Power Services (“NovaSource”) and SunSystem Technology, LLC (“SST”), leading providers of operations and maintenance (“O&M”) services to the renewable energy industry, on Tuesday announced the merger of the two companies. The companies will bring together operations in the coming months, and the combined group will operate under NovaSource, upon completion of the merger.
NovaSource and SunSystem will amalgamate field technicians and operations of both companies, providing additional resources to solar site owners, partners, and portfolio owners alike. The joint global workforce will operate in nine different countries and support ongoing field and operational services to commercial, residential, and utility PV systems, battery solutions, Electric Vehicle (EV) charging stations.
NovaSource, after the merger, will have a total of 550 combined field technicians and be within a one-hour drive of 95% of the US solar infrastructure. With a primary cost driver being the transportation time, the decreased drivetime for technicians and increased strategic service coverage will provide partners with unparalleled, cost-effective O&M services across the nation.
NovaSource is a recognized O&M leader and an independent solar services provider in commercial, industrial, and utility-scale solar projects. It oversees some of the most sophisticated solar projects in the world as its operating divisions provide high-level technical expertise to industry partners at all levels of asset ownership and operations.
“Over the last 10 years SST has set the standard for the solar industry in servicing distributed generation, EV charging and storage systems. Their innovative and agile approach has created the clear market leader with significant scale and robust national coverage,” said Jack Bennett, CEO of NovaSource, according to PR Newswire. He added that the merger will see Derek Chase, CEO of SunSystem Technology, as the leader of NovaSource’s Distributed Generation (DG) O&M. It “will provide asset owners with a highly differentiated and compelling service solution for their rapidly evolving needs.”
SunSystem Technology is the USA’s leading distributed generation O&M provider. It services commercial system owners and asset managers, residential portfolios, and EV charging station networks.
“I have a tremendous amount of respect for the Novasource team and their success managing the largest solar systems in the world. I look forward to working with the existing Novasource leadership to build the most trusted and innovative solar and storage O&M company in the world. The combined scale, coverage, and experience will bring tremendous value and capabilities to our existing and future customers,” said Derek Chase.
NovaSource, founded in 2020, is a Texas-based portfolio company of Canadian private equity firm Clairvest Group. It came into existence amid Clairvest’s acquisition of SunPower’s O&M business. NovaSource later bought First Solar’s North American O&M unit and the company informed that it currently manages more than 3.5 GW of commercial, industrial, and utility-scale projects.