December 23, 2021
SOLV Energy, Formerly Known as Swinerton Renewable Energy and SOLV, Inc., Announces Completion of Acquisition by American Securities
A leading U.S. renewable energy contractor, SOLV Energy provides turnkey services for utility-scale solar power plants, substations, energy storage, and more.
SOLV Energy LLC, a premier Engineering, Procurement and Construction (EPC) and Operations and Maintenance (O&M) services provider for the solar industry in North America, announced today that it has completed its acquisition by affiliates of American Securities LLC, a leading U.S. private equity firm.
Formerly known in the industry as Swinerton Renewable Energy (SRE) and SOLV, Inc., the acquisition brings together two of the largest solar EPC and O&M portfolios under the SOLV Energy name. SOLV Energy has built over 9 GW of solar capacity and manages 8 GW of renewable assets across 26 states. The management team and employees of SRE and SOLV, Inc. have transitioned to SOLV Energy, and continue to deliver best-in-class services going forward.
“Together as SOLV Energy, our EPC and O&M groups will provide comprehensive turnkey solutions across the entire project lifespan,” said George Hershman, President of SOLV Energy. “We look forward to partnering with American Securities as we work to accelerate the growth of solar and storage infrastructure in the U.S.”
“We have strong conviction that SOLV Energy will build on its legacy of excellence by continuing to exceed its customers’ highest standards. We are thrilled to have the opportunity to work alongside George and the SOLV Energy team to advance solar energy in the U.S. and support the company’s rapid growth,” commented Kevin Penn, a Managing Director of American Securities. “SOLV Energy’s success boils down to the hard work, persistence, and ingenuity of the company’s people. We are excited by the great potential of the partnership between our two organizations,” added Michael Sand, also a Managing Director of American Securities.
Lazard served as exclusive financial advisor to Swinerton Incorporated and Farella Braun + Martel LLP served as legal counsel to Swinerton Incorporated for this transaction. Weil, Gotshal & Manges LLP acted as legal counsel to American Securities.
About SOLV Energy
SOLV Energy offers engineering, procurement and construction (EPC) and operations and maintenance (O&M) services for solar photovoltaic plants throughout North America. We believe that good energy has a ripple effect. That’s why we only take on projects that provide cleaner power, better jobs, greater education and a brighter future for our communities. Backed by a powerful legacy, we’ve branched out to focus solely on renewable energy initiatives. Recognized as an industry-leading solar contractor and O&M services provider, our team was ranked the #1 solar contractor in the United States by Solar Power World and Wiki-Solar in 2021.
About American Securities
Based in New York with an office in Shanghai, American Securities is a leading U.S. private equity firm that invests in market-leading North American companies with annual revenues generally ranging from $200 million to $2 billion. American Securities and its affiliates have more than $25 billion under management.