Former Canadian Minister of Finance Bill Morneau Joins NovaSource Power Services as Chairman of the Board
CHANDLER, Ariz., Feb. 6, 2023 /PRNewswire/ -- NovaSource Power Services ("NovaSource"), a global leader in solar operations and maintenance ("O&M") services and a portfolio company of Clairvest Group Inc. ("Clairvest", TSX: CVG) and OMERS Private Equity, the private equity arm of OMERS, is proud to announce the appointment of Bill Morneau as the new chairman of the Board of Directors of NovaSource. Mr. Morneau, a prominent Canadian business leader, entrepreneur, and former Minister of Finance, brings a wealth of experience and knowledge to the NovaSource team.
"I am excited to be joining the Board of Directors of NovaSource and to be a part of NovaSource's mission to transition the world to a more sustainable future," said Mr. Morneau. "As someone who has dedicated my career to promoting sustainable economic growth, I believe that NovaSource is at the forefront of the renewable energy industry, with a proven track record of delivering high-quality and cost-effective services to customers around the world with over 21 GW of solar assets under management. I look forward to working with the team to continue making a positive impact on the environment in this new role."
Mr. Morneau is a valuable addition to the NovaSource board, combining significant experience in both industry and government. Mr. Morneau's experience includes serving as Canada's Minister of Finance and a Member of Parliament from 2015 to 2020, where he played a key role in implementing policies to promote sustainable economic growth and address climate change. From 1997 to 2015, Mr. Morneau served as the Chair and CEO of Morneau Shepell (now LifeWorks). In that role, Mr. Morneau led the company to become the largest human resource services organization in Canada and took the company public on the Toronto Stock Exchange in 2005.
With respect to Mr. Morneau's new role with the company, Troy Lauterbach, CEO of NovaSource, noted that "NovaSource is honored to have someone with Bill's background and experience join our team. Not only is he an accomplished businessman and leader, but he also has a deep understanding of the economic and financial aspect of the renewable energy industry. His leadership and insight will be invaluable to our company and our customers as we continue to grow and expand our solar operations and maintenance services."
Mr. Morneau's new role is effective as of January 30, 2023.
NovaSource Power Services, a portfolio company of Clairvest Group Inc. ("Clairvest", TSX: CVG) and OMERS Private Equity, the private equity arm of OMERS, is a global O&M services provider for renewable energy assets. NovaSource seeks to maintain a world-class culture of safety and integrity, while developing lasting partnerships with our customers and team members. As an independent, O&M-focused company, NovaSource is poised to offer even greater value in the design, maintenance, and management of our customers' projects. More information is available at www.novasourcepower.com.
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 $3.2 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 59 different platform companies and generated top quartile performance over an extended period.
OMERS Private Equity manages investments globally on behalf of OMERS, one of Canada's largest defined benefit pension plans, with C$121 billion in net assets as of December 31, 2021, including approximately C$19.6 billion in net private equity investment asset exposure. With teams in New York, London, Toronto and Singapore, OMERS Private Equity invests across Industrials, Healthcare, Business Services and Technology, deploying an evergreen capital base to partner with strong management teams and transform good companies into industry leaders around the globe. www.omersprivateequity.com
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SOURCE NovaSource Power Services
