Solar project builder SOLV Energy files for an estimated $750 million IPO
February 11, 2026 News
American Securities’ solar project builder SOLV Energy prices IPO at $25 high end
SOLV Energy, which provides construction services for solar power and battery storage projects, raised $513 million by offering 20.5 million shares at $25, the high end of the range of $22 to $25.
January 30, 2026 News
Solar project builder SOLV Energy sets terms for $482 million IPO
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）。
IPO Overview
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.
About the Company
We are a leading provider of infrastructure services to the power industry, including engineering, procurement, construction, testing, commissioning, operations, maintenance and repowering. We have constructed more than 500 power plants representing 20 GWdc of generating capacity since we were founded in 2008, and we currently provide O&M services under long-term agreements to 146 operating power plants representing over 18 GWdc of generating capacity. Engineering News Record ranks us the second largest solar contractor in the United States based on 2024 revenues and the seventh largest contractor in power overall. We also believe we are a leading builder of high-voltage substations in the southwestern US. We specialize in designing, building and maintaining utility-scale solar and battery storage projects with capacities of 200 MWdc and larger and related T&D infrastructure. /We built one in every nine MWs of utility-scale solar projects constructed in the US from 2014 to 2024 and were the second largest builder of battery energy storage systems in 2024 according to Solar Power World. Demand for new generation capacity and related infrastructure services is growing rapidly in the US. Our customers include project developers, independent power producers and utilities. Our new construction projects are typically executed over 12 to 18 months pursuant to one or more LNTP agreements followed by a lump sum EPC contract.