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.”

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    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.