Fitch Ratings names solar O&M leader NovaSource as driver of improved rating

Global solar operations and maintenance (O&M) provider helps boost Solar Star’s outlook

In its most recent update to its rating of Solar Star Funding LLC, Fitch Ratings moved Solar Star’s rating outlook from “Stable” to “Positive.”

In revising the Solar Star rating, Fitch named global solar O&M provider NovaSource Power Services as a key driver in the improvement, stating: “NovaSource has material experience with solar technology and has demonstrated its ability to maintain a strong staff, high plant availability and consistently stable costs at the project.”

“Financial performance exceeded base case expectations”

In its analysis of Solar Star’s recent performance, Fitch – one of the ‘big three’ American credit rating agencies – further noted that, “Site maintenance has been on schedule with very little downtime throughout the year.” A detailed examination added further, “Solar Star’s financial performance exceeded base case expectations,” with “actual expenses coming below budget.”

NovaSource has provided Solar Star Funding LLC’s two utility-scale California plants with operations and maintenance services since 2020, making this revised rating the first that reflects the impact of a full calendar year with O&M from NovaSource. The largest independent provider of solar PV O&M services, NovaSource now has more than 20 GW of solar PV capacity under management worldwide.

Read Fitch Ratings’ full report on Solar Star here

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