SOLV Energy (MWH.US), a provider of solar and battery energy storage system construction services, filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC) last Friday, with the fundraising size estimated to potentially reach $750 million or more. Formerly known as Swinerton Renewable Energy, SOLV Energy underwent a rebranding after its acquisition by American Securities in 2021. As a leading supplier of infrastructure services in the energy and power industry, the company's business spans the entire chain, including engineering design, equipment procurement, project construction, testing and commissioning, operations and maintenance management, and energy facility upgrades. The company specializes in constructing large-scale utility-grade solar and battery storage projects with a DC capacity of 200 megawatts or more, along with associated transmission and distribution infrastructure. Since the founding of its predecessor company in 2008, SOLV Energy has cumulatively built over 500 power plants with a total installed capacity of 20 gigawatts DC; it currently provides operations and maintenance services for 146 power plants under long-term agreements. Based on 2024 revenue data, SOLV Energy holds the position of the second-largest solar engineering contractor in the United States and ranks seventh in the overall U.S. energy and power engineering contracting market. Headquartered in San Diego, California, the company was originally established in 2008. For the twelve months ended September 30, 2025, the company achieved sales of $2.1 billion. The company plans to list on the Nasdaq under the ticker symbol "MWH," having previously submitted a confidential draft registration statement on May 9, 2025. Jefferies and J.P. Morgan are serving as the lead underwriters for this IPO, with KeyBanc Capital Markets, TD Securities, UBS Investment Bank, Baird, Evercore ISI, Guggenheim Securities, Nomura, WR Securities, CIBC World Markets, and Roth Capital acting as joint bookrunning managers. The pricing terms for the offering have not yet been publicly disclosed.
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