SOLV Energy, a provider of construction services for solar and battery storage projects, announced its IPO terms last Friday. The company plans to raise $482 million by offering 20.5 million shares at a price range of $22 to $25 per share. Based on the midpoint of the proposed price range, SOLV Energy would command a market valuation of $4.7 billion, with an enterprise value of $4.6 billion (equivalent to 2.1 times revenue and 15.6 times EBITDA for the past twelve months). Formerly known as Swinerton Renewable Energy, the company was acquired by American Securities in 2021 and subsequently rebranded. It is a leading infrastructure services provider for the power industry, with operations spanning engineering, procurement, construction, testing, commissioning, operations, maintenance, and refueling. SOLV specializes in large utility-scale solar and battery storage projects with a capacity of 200 MWdc or greater, along with associated transmission and distribution infrastructure. Since its predecessor's founding in 2008, the company has constructed over 500 power plants with a generating capacity of 20 GWdc. Currently, it provides operations and maintenance services for 146 operational power plants under long-term agreements. Based on 2024 revenue, the company considers itself the second-largest solar contractor in the United States and the seventh-largest contractor overall in the power industry. For the nine months ended September 30, 2025, the company's revenue grew 21% to $1.7 billion. Gross margin expanded by 625 basis points to reach 19%. Adjusted EBITDA surged 115% to $241.3 million, while the adjusted EBITDA margin increased by 625 basis points to 14%. American Securities is the principal shareholder and will retain a 75% stake in the company following the IPO. SOLV Energy was founded in 2008 and recorded $2.1 billion in sales over the twelve months ended September 30, 2025. The company plans to list on the Nasdaq under the ticker symbol MWH. Jefferies, J.P. Morgan, KeyBanc Capital Markets, TD Securities, UBS Investment Bank, Baird, Evercore ISI, Guggenheim Securities, Nomura Securities, WR Securities, CIBC World Markets, Roth Capital, and Academy Securities are acting as joint bookrunners for the offering.