SOLV Energy Inc., the San Diego-based company that has become one of the largest contractors in solar energy infrastructure, battery storage and related transmission construction, launched an initial public offering on Feb. 11 as it seeks scale and diversification in North America’s growing energy sector, accelerated by the data center and the rise of artificial intelligence.
The contractor sold 20.5 million shares, raising $512.5 million, with a market value of more than $5 billion. SOLV Energy trades on the Nasdaq stock market under the symbol MWH, the funds would be used for debt repayment “and potential merger and acquisition opportunities,” it says.
The company had net income of $114 million on $1.7 billion in 2025 revenue ended Sept. 30 related to labor, operations and maintenance in the EPC segment, compared with net income of $139 billion on revenue of $1.4 billion a year earlier, its filing with the U.S. Securities and Exchange Commission said. The company also noted a portfolio of $6.7 billion.
The contractor says it has built more than 20 GW of solar capacity in about 30 states and ranks No. 66 on ENR’s Top 400 Contractors list, as well as No. 2 in solar project work and No. 7 in overall power construction.
“Since 2008, we have built more than 500 power plants, representing 20 GW of generating capacity,” says the SOLV Energy filing, which also notes O&M services at 146 operating power plants. The company spun off Swinerton Construction in a $2 billion private equity deal in 2021 led by CEO George Hershman. The company’s COO is Kevin Deters, former president of MYR Energy Services and a veteran of large-scale power construction. Former PE owner American Securities will remain the majority shareholder.
Despite the Trump administration’s clean energy policy changes, solar and battery storage will account for 66% of aggregate US energy capacity between 2025 and 2034, up from 42% over the past decade, according to industry research firm Wood Mackenzie. The projects “are easier to afford, use more readily available equipment, offer lower energy costs and are faster to build than competing forms of power generation such as gas and nuclear,” the analysis says.
Hershman sees strong demand for the company’s services, with solar and batteries accounting for two-thirds of new power generation over the next decade, he told Barron’s on Feb. 11. “Projections are what they are. They’re always right in hindsight. But I’ve been in this business for 18 years and I’ve seen them always beat projections.”
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Says SOLV Energy: “The combination of growth in the number and capacity of data centers, the relocation of manufacturing, the growing use of HVAC caused by more extreme weather, the electrification of industrial processes and the retirement of existing coal-fired generation facilities are resulting in rapid load growth that cannot be met by existing generation capacity.”
In its latest short-term energy outlook released on Feb. 10, the U.S. Energy Information Administration said solar will be “the fastest-growing source of electricity generation in the U.S.” and the main source to meet growing demand driven largely by growing economic activity and data center development, particularly in the Texas, Mid-Atlantic, and Midwest and Midwest regions.
“We expect a 17% increase in solar generation by 2026 and an additional 23% increase in 2027, with wind generation increasing by 6% and 7%, respectively, during these years,” the agency said.
