SOLV Energy, which provides construction services for solar power and battery storage projects, announced terms for its IPO on Friday.
The San Diego, CA-based company plans to raise $482 million by offering 20.5 million shares at a price range of $22 to $25. At the midpoint of the proposed range, SOLV Energy would command a market cap of $4.7 billion and an enterprise value of $4.6 billion (2.1x LTM revenue, 15.6x EBITDA).
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.
During the nine month ended 9/30/2025, revenue increased 21% to $1.7 billion. Gross margin expanded 625 bps to 19%. Adjusted EBITDA increased 115% to $241.3 million, and adj. EBITDA margin rose 625 bps to 14%.
The primary shareholder is American Securities with a 75% post-IPO stake.
SOLV Energy 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. Jefferies, J.P. Morgan, KeyBanc Capital Markets, TD Securities, UBS Investment Bank, Baird, Evercore ISI, Guggenheim Securities, Nomura Securities, WR Securities, CIBC World Markets, Roth Capital, and Academy Securities are the joint bookrunners on the deal. The pricing date has yet to be announced.
