Power infrastructure heavyweight Solv Energy Inc. surged into public markets Wednesday, completing a Solv Energy $513M IPO that underscores Wall Street’s appetite for companies positioned at the heart of America’s accelerating energy demand.
The San Diego-based company raised $512.5 million after selling 20.5 million shares at $25 each. Its stock began trading on the Nasdaq under the ticker symbol MWH, marking a milestone moment for a firm that has quietly built hundreds of power plants across the country.
The offering is expected to close Thursday. Underwriters have also secured a 30-day option to purchase up to an additional 3.075 million shares of Class A common stock at the IPO price.
Weil Gotshal & Manges LLP advised Solv Energy on the transaction, while Latham & Watkins LLP represented the underwriters.
Riding a Wave of Surging U.S. Power Demand
Solv Energy’s public debut arrives at a time when the nation’s electrical grid is straining under mounting pressure — like a highway filling faster than new lanes can be paved.
In filings with the U.S. Securities and Exchange Commission, the company pointed to a sharp rise in demand for new generation capacity and related infrastructure services across the United States.
“The combination of growth in the number and capacity of data centers, manufacturing reshoring, increasing use of HVAC caused by more extreme weather, electrification of industrial processes and retirement of existing coal-fired generation facilities are resulting in rapid load growth that cannot be met by existing generation capacity,” the company said.
The message is clear: America’s power appetite is expanding rapidly, and infrastructure builders are racing to keep pace.
