First Solar Completes Sale of North American O&M Business to NovaSource

Rhea-AI Summary

First Solar, Inc. (Nasdaq: FSLR) has successfully completed the sale of its North American Operations and Maintenance (O&M) business to NovaSource Power Services, positioning NovaSource as the world’s largest O&M provider. Approximately 270 employees from First Solar's O&M division have transitioned to NovaSource. This acquisition is backed by Clairvest Group, a Canadian private equity firm, indicating a significant shift in the operational landscape of solar energy services.

Positive

• Completion of O&M business sale enhances focus on core solar solutions.
• NovaSource becomes largest O&M provider globally, potentially increasing market stability.

Negative

• Loss of O&M business may reduce immediate revenue streams for First Solar.
• Transition of 270 associates could lead to operational disruptions during integration.

TEMPE, Ariz., March 31, 2021 (GLOBE NEWSWIRE) -- First Solar, Inc. (Nasdaq: FSLR), announced the completion of the previously announced sale of its North American Operations and Maintenance (O&M) business to NovaSource Power Services (“NovaSource”) today.

On closing of the transaction, approximately 270 First Solar O&M associates joined NovaSource. The acquisition makes NovaSource the largest O&M provider globally. NovaSource is a portfolio company of Toronto-based private equity firm Clairvest Group Inc. (TSX: CVG) (“Clairvest").

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.

About Clairvest
Clairvest’s mission is to partner with entrepreneurs to help them build strategically significant businesses. Founded in 1987 by a group of successful Canadian entrepreneurs, Clairvest is a top performing private equity management firm with over CAD $2.5 billion of capital under management. Clairvest invests its own capital and that of third parties through the Clairvest Equity Partners limited partnerships in owner-led businesses. Under the current management team, Clairvest has initiated investments in 56 different platform companies and generated top quartile performance over an extended period.

Media Reuven Proença First Solar Media reuven.proenca@firstsolar.com

Investors Mitchell Ennis First Solar Investor Relations mitchell.ennis@firstsolar.com

FAQ

What major transaction did First Solar announce on March 31, 2021?

First Solar announced the completion of the sale of its North American Operations and Maintenance (O&M) business to NovaSource Power Services.

How many employees transferred to NovaSource from First Solar?

Approximately 270 employees from First Solar's O&M division joined NovaSource Power Services.

What impact does the sale of the O&M business have on First Solar's operations?

The sale allows First Solar to focus on its core solar solutions but may reduce immediate revenue from the O&M segment.

Who invested in NovaSource Power Services?

NovaSource Power Services is a portfolio company of the Toronto-based private equity firm Clairvest Group.

What is the significance of NovaSource becoming the largest O&M provider?

NovaSource's position as the largest O&M provider may enhance market stability and improve service delivery in the solar energy sector.