SOLV Energy Files for IPO to Scale Solar and Battery Storage Operations
SOLV Energy Inc., a major solar energy contractor based in San Diego, has filed for an IPO aiming to raise $750 million. The company reported a net income of $114 million on $1.7 billion revenue for the year ending September 30, with a backlog of $6.7 billion. It plans to use IPO funds for debt repayment and acquisitions. SOLV Energy has built over 20 GW of solar capacity across 30 states and ranks highly in the energy contracting sector.
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SOLV Energy Inc., a San Diego-based contractor in solar energy and battery storage, has filed for an initial public offering on Nasdaq under the ticker symbol MWH, aiming to raise $750 million by offering 20.5 million shares. For the fiscal year ending September 30, the company reported a net income of $114 million on $1.7 billion in revenue, with a backlog of $6.7 billion.
SOLV has constructed over 20 GW of solar capacity in approximately 30 states, ranking No. 66 on ENR's Top 400 Contractors list and second in solar project work. The funds from the IPO are intended for debt repayment and potential mergers and acquisitions.
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