Date Announced: 12 Aug 2020
TEMPE, Ariz., 2020 -- First Solar, Inc. (Nasdaq: FSLR) has announced that it has entered into a Membership Interest Purchase Agreement with NovaSource Power Services, a portfolio company of Toronto-based private equity firm Clairvest Group Inc. (TSX: CVG), pursuant to which NovaSource will acquire First Solar’s North American Operations and Maintenance business.
Upon closing of the transaction, approximately 220 First Solar O&M associates are expected to be transferred with the acquired business. Financial terms of the transaction were not disclosed.
Clairvest supported a management buy-out of SunPower Corporation’s O&M business in May of this year, which was subsequently renamed NovaSource. NovaSource oversees some of the most high profile solar projects in the United States and operates in nine countries today.
The completion of the transaction is subject to a number of closing conditions, including the receipt of third-party consents, the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and review by the Committee on Foreign Investment in the United States.
Additionally, the transaction is subject to certain other customary closing conditions. Assuming satisfaction of the closing conditions, the transaction is anticipated to close in the last quarter of 2020.
About First Solar, Inc.
First Solar is a leading global provider of comprehensive photovoltaic (PV) solar solutions, which use its advanced module and system technology. The company’s integrated power plant solutions deliver an economically attractive alternative to fossil-fuel electricity generation today. From raw material sourcing through end-of-life module recycling, First Solar’s renewable energy solutions protect and enhance the environment. For more information about First Solar, please visit www.firstsolar.com.
Web Site: www.firstsolar.com