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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.

A Major Player in Solar and Power Construction

Since 2008, Solv Energy has constructed more than 500 power plants, collectively generating 20 gigawatts of electricity. Beyond building, the company maintains an ongoing operational footprint — providing operations and maintenance services to 146 active power plants representing over 18 gigawatts of capacity.

Its services span the full lifecycle of power infrastructure projects, including engineering, procurement, construction, testing, commissioning, operations, maintenance and repowering. The company also offers large-scale repair and emergency response services, according to its SEC filing.

By its own account, Solv Energy ranks as the second-largest solar contractor in the United States based on 2024 revenue and the seventh-largest power contractor overall.

From Swinerton Renewable Energy to Solv Energy

Solv Energy’s rise to the public markets traces back to its earlier identity as Swinerton Renewable Energy. In 2021, private equity firm American Securities acquired the company and later rebranded it under its current name.

American Securities remains the controlling shareholder following the IPO.

The legal teams guiding the transaction include Alexander Lynch and Ashley Butler of Weil Gotshal & Manges LLP for Solv Energy, and Marc Jaffe and Erika Weinberg of Latham & Watkins LLP for the underwriters.

As the company steps onto Nasdaq’s stage, investors will now weigh whether Solv Energy can convert America’s mounting energy demands into sustained public-market performance — turning megawatts into momentum.