A well-known American producer of photovoltaic (PV) solar panels and supplier of solar energy solutions is First Solar. Since its founding in 1999, the business has expanded to rank among the world’s biggest producers of solar panels. First Solar has participated in a number of significant acquisitions over the years that have aided in the growth of the company’s clientele and market share.
NovaSource Power Services made its most recent purchase of First Solar in April 2021. A portfolio company of the Toronto-based private equity firm Clairvest Group Inc. is NovaSource Power Services. The agreement stipulated that NovaSource would pay an unknown price to acquire First Solar’s North American operations and maintenance company. Through the acquisition, NovaSource will be able to increase its position in the solar power sector and diversify its portfolio of renewable energy assets.
First Solar was involved in a number of other significant purchases prior to being purchased by NovaSource. A German-based manufacturer of solar panels that had filed for bankruptcy was acquired by the business in 2019; it was called SolarWorld Americas. First Solar was able to grow its manufacturing capacity and market share in the solar panel sector thanks to the acquisition.
Community Energy, a solar development company, was purchased by First Solar in 2016. Through the acquisition, First Solar was able to increase the scope of its solar energy solutions company and provide its clients more options for renewable energy. As Community Energy had a sizable customer base in the Northeastern United States, the acquisition also assisted First Solar in growing its footprint there.
In addition to these acquisitions, First Solar has established a number of strategic alliances with other solar power sector firms. A cooperation between the business and Techren Solar, a Nevada-based solar development company, was announced in 2019. Due to their excellent efficiency and dependability, Series 6 solar panels from First Solar were able to supply Techren Solar.
Who then purchased First Solar? NovaSource Power Services is the solution. However, this latest transaction is not the only acquisition in First Solar’s history. The organization has a lengthy history of collaborations and acquisitions that have aided in the growth and expansion of its operations. With a solid reputation for innovation and quality, First Solar is now regarded as one of the top US producers of solar panels. Sunrun, Tesla, Vivint Solar, SunPower, LG, Sunnova, PetersenDean, Semper Solaris, Trinity Solar, and Green Solar Technologies are among the top 10 solar companies in the US as of 2021, according to EnergySage.