OMERS Acquires Minority Stake In NovaSource

• OMERS Private Equity – has invested $100 million in NovaSource Power Services
• OMERS is executing this transaction in partnership with NovaSource majority equity holder Clairvest Group Inc

Canada's benefit pension plans company OMERS announced its private equity arm – OMERS Private Equity – has invested $100 million in NovaSource Power Services, a leader in solar operations and maintenance services. Thus it acquired a minority stake in NovaSource, which is managing over 20 GW of solar assets till date.

OMERS is executing this transaction in partnership with NovaSource's leadership team and private equity management firm, Clairvest Group Inc., which is the majority equity holder of NovaSource.

Speaking on the occasion, OMERS Private Equity Director Scott Hauser said, "As long-term investors with deep expertise in services-based businesses, we are thrilled to partner with Troy Lauterbach and the management team at NovaSource, as well as with Clairvest, to help accelerate the company's growth and to support the global energy transition by maintaining the lifecycle and efficiency of critical clean energy assets like solar panels."

Responding, CEO of NovaSource Troy Lauterbach said, "We welcome OMERS to the NovaSource community and are excited to see a company of such strategic significance capitalizing on the opportunity to invest for financial growth and social impact. Working together, we will build the global leader in solar and storage services and create meaningful social impact tomorrow through our actions today."

Meanwhile, Managing Director of Clairvest Angus Cole said "We are excited to welcome OMERS Private Equity as our partner and help accelerate NovaSource's growth trajectory over the next few years. OMERS brings expertise and relationships in the industry which will complement nicely with Clairvest's deep knowledge in the renewable energy sector."

OMERS has been very active in investing in solar companies in recent times. In Aug. 2021, OMERS Infrastructure, the infrastructure investment arm of OMERS purchased from International Finance Corporation (IFC) and IFC GIF Investment Company  their 19.4% stake in Indian independent renewable energy producer Azure Power Global Limited for $219 million (see OMERS Infrastructure Acquires 19.4% Stake In Azure Power). In Nov. 2021, OMERS Infrastructure has entered the distributed solar space with 100% acquisition of US based solar power producer Navisun, LLC from a fund managed by Ares Management Corporation (see OMERS Infrastructure Enters Distributed Solar).