Status:  Clearance

Acquirer:  Clairvest Group Inc. (Canada)

Acquired:  O&M business of First Solar, Inc. (US)

Value:  US$213 million

Industry:  Energy

UPDATE:  On March 31, 2021, “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 is a portfolio company of Toronto-based private equity firm Clairvest Group Inc. (TSX: CVG) (“Clairvest”).”  (First Solar, Inc., Press Release,  First Solar Completes Sale of North American O&M Business to NovaSource, Mar. 31, 2021.)  “The completion of the transaction [was] contingent on a number of closing conditions, including . . . a review of the transaction by the Committee on Foreign Investment in the United States . . .” (First Solar, Inc., Form 10-Q, Oct. 28, 2020, SEC Filing.)

Posted February 26, 2021

Status: Undetermined

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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