Acquirer: Clairvest Group Inc. (Canada)
Acquired: O&M business of First Solar, Inc. (US)
Value: US$213 million
In August 2020, First Solar, Inc., a provider of comprehensive PV solar energy solutions, entered into an agreement with “NovaSource Power Services (“NovaSource”), a portfolio company of Toronto-based private equity firm Clairvest Group Inc. (TSX: CVG) (“Clairvest”), pursuant to which NovaSource will acquire First Solar’s North American Operations and Maintenance (O&M) business.” (Press Release, First Solar Signs Definitive Agreement to Sell North American O&M Business to NovaSource (Aug., 6, 2020); see First Solar, Inc., Form 10-Q, Oct. 28, 2020, SEC Filing.) “The completion of the transaction is contingent on a number of closing conditions, including the receipt of certain third-party consents, a review of the transaction by the Committee on Foreign Investment in the United States, and other customary closing conditions.” (First Solar, Inc., Form 10-Q, Oct. 28, 2020, SEC Filing.) The sale is expected “to be completed in the first half of 2021.” (First Solar, Inc., Form 10-K, Feb. 26, 2021, SEC Filing.)
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