SOLV Energy, which provides construction services for solar power and battery storage projects, filed on Friday with the SEC for an initial public offering that we estimate could raise $750 million or more.
Formerly Swinerton Renewable Energy until American Securities acquired and rebranded the company in 2021, SOLV Energy is a leading provider of infrastructure services to the power industry, including engineering, procurement, construction, testing, commissioning, operations, maintenance and repowering. SOLV specializes in utility-scale solar and battery storage projects with capacities of 200 MWdc and larger and related transmission and distribution infrastructure. It has constructed more than 500 power plants, representing 20 GWdc of generating capacity, since its predecessor was formed in 2008, and it currently provides operations and maintenance services under long-term agreements to 146 operating power plants. It believes it is the second largest solar contractor in the US based on 2024 revenues, and the seventh largest contractor in power overall.
The San Diego, CA-based company was founded in 2008 and booked $2.1 billion in sales for the 12 months ended September 30, 2025. It plans to list on the Nasdaq under the symbol MWH. SOLV Energy filed confidentially on May 9, 2025. Jefferies and J.P. Morgan are the lead book-running managers, while KeyBanc Capital Markets, TD Securities, UBS Investment Bank, Baird, Evercore ISI, Guggenheim Securities, Nomura Securities, WR Securities, CIBC World Markets, and Roth Capital are the bookrunners on the deal. No pricing terms were disclosed.
